At the end of December 31, 2016, the bank’s profit increased from K4.9 million in the 2015 financial year.
Kina Securities Chief Executive Officer, Syd Yates, said Kina had delivered a solid result despite challenging global markets.
“Despite the more challenging environment this has been a milestone year for Kina. We have maintained our momentum following our acquisition of Maybank PNG and we are building a stronger and more efficient business while delivering on our vision of helping our customers improve their circumstances,” Yates said.
“Kina has maintained its focus on putting customers at the centre of everything we do, living our values and driving a positive culture.
“Our strong performance during the year has been driven by improved customer service, leveraging the Kina brand, investing in people and strengthening management.
“We know customers want simpler and more convenient products and services and our focus on introducing new products and expanded services enabled the Group to increase customer acquisition.”
The Directors have declared a final dividend of K10 toea per share, taking the full year dividend to K20 toea per share compared with K9.9 toea per share paid for the full year to December 2015.
Key highlights from Kina Bank’s 2016 Financial year includes;
● Total operating income up 68% to PGK117.0 million
● Net interest income up 52% to PGK65.1 million
● Lending up 62% to PGK606 million, Deposits up 40% to PGK958 million
● Funds Under Management up 14% to PGK6.2 billion, Funds Under Administration up 16% to PGK5.6 billion
● Non-interest income increased to PGK51.9 million for the year, from PGK26.9 million
● Securing the fund administration mandate for PNG’s largest superannuation fund, Nasfund, in a competitive process
● Expenses well managed, cost to income ratio of 47.5%, down from 62%.