Papua New Guinea’s Kina Bank has announced a K45.6 million (US$12.9 million) net profit after tax, as of August 29, 2022.
The Board said that this is an increase of 15%, compared to the prior corresponding period (PCP) last year.
It said that the bank’s half-year results reflect strong revenue growth and ongoing progress, against the key strategic priorities of the Kina Group.
The Board also said that the bank remains committed to delivering improved returns, by growing the market share organically, disciplined expense management, and a prudent approach to maintaining a resilient balance sheet.
The revenue growth was evident across both net interest and non-interest income, with the net interest income growing by 8% against the prior corresponding period, due to solid lending performance in the SME and home lending sectors.
The bank also says that the non-interest income, merchant facility fees and Forex income, contributed to the 34% increase against the PCP.
Meanwhile, the Board has also announced that shareholders, will be paid an unfranked half-year dividend of 10.3 toea per share.
Kina’s CEO and Managing Director, Greg Pawson says that the result demonstrates top-line growth momentum, execution of their digital initiatives, and a solid start to lending for the half year.
Pawson said that they have continued to build out their organic growth strategy and increase their market share in their targeted segments for the past six months, and this remains their focus for 2022. He also said that the launch of the bank’s product ‘Single View’ is a market first in PNG, and this product enables customers, to access their superannuation balances via Kina’s online banking channel.