By Meriba Tulo – EM TV News, Port Moresby
In its first year as a listed entity, banking and wealth management company, Kina Securities has announced a profit for the year ending December 31, 2015.
The company released its full year results, an impressive net profit of K47.5 Million, far exceeding its forecast.
The results for year ending December 31, 2015, were released to the Port Moresby and Australian Stock Exchanges this week.
In light of profits realised, the directors of the Kina also announced a dividend payment of AUS$ 0.34 per share, equivalent to around 76 Toea per share.
According to Kina, these results reflected the success of Kina’s transformational PGK349 million acquisition of the Maybank PNG business in September 2015, creating a new financial service powerhouse, by providing a solid platform for the merged group to pursue its ambitious growth targets in the rapidly maturing PNG market.
This merger firmly established Kina as the fourth largest bank in Papua New Guinea, with lending assets valued at K374 million, and deposits of more than K680 million.
The focus for the current year will be to extract the maximum benefits from the Maybank merger through seizing opportunities for sales to new and existing customers, increasing investment portfolio returns and reducing funding costs.
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