Credit Corporation (CCP) - The Investment Portfolio Continues to Shine for CCP Leading a 95% Increase in Profits of K263.9m
- John Kevau
- Mar 14
- 1 min read
Updated: Mar 18
The company reported a NPAT of K263.9m for FY24 up 95% in FY23. This was driven largely by an uplift in valuations form its investment portfolio. NPAT reflects 45% growth in BSP share price during the year, driving an uplift in NPBT.
Meanwhile the Core Operating Profit was K85.4m down 12% compared to K96.9m from prior year, this were largely due to lower dividends received of K11.7m and ongoing investment into the launch of CreditBank PNG. The Cost to Income also rose 10% during the year to 58%.
CCP remains positive to improve trading results in the new year as the Banking business starts to progress some of its strategic imperatives. Digital onboarding was an outstanding success for CreditBank PNG with new to bank customers joining from every one of PNG's 22 Provinces in the short time since opening its doors as a bank in FY2024.
The Board also declared a final ordinary dividend of 7.4 toea per share and a special dividend of 4.7 toea per share. Including the interim ordinary dividend of 12.0 toea per share, this equals to a total dividend payment of 24.1 toea per share for FY24.
The share price increased 35% during the year to K2.70 a share. The dividend yield remains around 9% at current prices.