Kina Securities Ltd's unaudited net profit for the six months ended June 30, 2021, was K39.8 million.
It is a 36 per cent increase over the previous similar time.
The board of directors also announced an interim dividend of AU$3 per share (K8.25).
In the previous similar period, the interim dividend per share was AU$4 per share or K10 per share.
Managing director and chief executive officer, Greg Pawson said: “The results demonstrate that our strategy of transformation is successful and driving the business in a strong direction.
“Kina has continued growth momentum for the first half of our financial year 2021, reflecting five consecutive half years (PCP) of improved performance.
“The growth in NPAT was driven by an increase in transactional volumes, continued cost discipline and growth in the existing loan book.
“This was supported by our sharpened focus on re-shaping the customer experience and the continued delivery of innovative products and services.”
The business owes the success to its effort to grow transactional volumes through its digital platforms, which resulted in a 10% rise in fees and commissions revenue over the previous equivalent quarter (PCP).
“Continued stable foreign exchange trading income, an increase in the loan book, investment in high yielding government securities, and lower cost of funds contributed positively to the overall performance of the business,” he said.
“Kina continued to reduce the cost of operations following the ANZ PNG acquisition.
“This resulted in a cost to income ratio of 60.9 per cent compared to the PCP of 64.9 per cent.”
Reference: The National (30 August 2021). “Kina makes K39m profit”.
