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Kina Security records K41 million net profit

KINA Securities Limited has recorded a net profit of K41 million for the whole of 2016.
The result was at the peak of the guidance range (K39m-K41m) given last year. It is an increase of K4.9 million from the previous period.
KSL chief executive officer Syd Yates said they had delivered a solid result despite challenging global markets.

“Despite the more challenging environment, this has been a milestone year for Kina,” he said.
“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.

“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 to their demand.”
The company in 2016 recorded:

  • A total operating income up 68 per cent to K117 million;
  • a net interest income up 52 per cent to K65.1 million;
  • lending up 62 per cent to K606 million;
  • deposits up 40 per cent to K958 million;
  • funds under management up 14 per cent to K6.2 billion;
  • funds under administration up 16 per cent  to K5.6 billion;
  • non-interest income increased to K51.9 million for the year, from K26.9 million;
  • securing the fund administration mandate for PNG’s largest superannuation fund, Nasfund, in a competitive process; and,
  • Expenses well managed, cost to income ratio of 47.5 per cent, down from 62 per cent.           The National/ONE PNG
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