Kina Securities Limited (ASX:KSL | PNGX:KSL) (Kina) announced today a Net Profit After Tax of PGK42.2m for the half year to 30 June 2024 compared to the Prior Comparative Period (PCP) of PGK 46.4m.
The after-tax impact of the fraud loss provision was PGK7.4m, giving an “underlying” NPAT of PGK49.6m for the half year to 30 June 2024, a 7% increase compared to the PCP.
Kina’s half year results reflected continued revenue growth in commercial loans and foreign exchange income driving core business performance. The bank’s digital channel also generated increased fees and commission income.
Based on these results, Kina’s Board has declared an unfranked half year dividend for the 1H24 of AUD 4.0 cents per share/ PGK 10.6 toea per share, compared to AUD 4.0 cents per share / PGK 9.7 toea in the PCP.
Kina’s CEO and Managing Director, Greg Pawson said Kina’s result demonstrates continued strong growth in digital channels and partnerships, with key drivers of growth coming from an increase in banking fees and commissions, a resurgence in FX income, coupled with strong growth in lending.
“The NPAT for the first six months of this year reflects Kina’s continued investment in digitisation, customer experience and business efficiencies while prudently managing expenditure,” Mr Pawson said.
“The business has had to respond to some trying market conditions by continuing to strengthen our organic growth strategies in lending and digital channels. Kina is progressing well through its bank-to-market-maker roadmap, increasing market share in our targeted segments while building a robust balance sheet that ensures profitable growth. Underpinning revenue momentum is a disciplined approach to deliver customer-led digital solutions. The full market launch of Pei Beta, PNG’s first independent bill payments platform that customers of any bank can use is a notable example of disrupting the market as the challenger brand, delivering real value to customers, and activating the innovation mindset of our workforce.”
Mr Pawson said Kina’s growth agenda remains its key focus in the second half of 2024.
“Looking ahead, Kina traditionally experiences strong growth in the second half of the year, and we see this pattern continuing in 2024 through realising benefits from investments and costs incurred in the first half, a strong business development pipeline, and with prudent risk management practices.”
Further information on the result can be accessed online at https://investors.kinabank.com.pg/investors/?page=asx-announcements