Kina Securities Limited (KSL) - Solid Loan Growth and Other Fees Prop KSL Results for FY24
- John Kevau
- Mar 14
- 1 min read
Updated: Mar 18
KSL reported an underlying profit of K111.9m up 7% from last year attributed to the strong loan book growth. Total assets have grown to PGK5.2b, led by good quality lending assets, +13% to PGK2.9b making up 55% of the total.
Loan volumes have grown by 13% over 2024 with Business and Home loans increasing to K1.6b in FY23 to K1.9b in FY24.
Overall, loan interest revenue increased 15% in FY24 with net interest income comprising 41% of total revenue for the group. The non-interest income increased 33% from FY23. This was driven by strong growth in FX income, digital channel revenues, funds administration and funds management fees.
The cost to income ratio was 58.6% for the year down from 22.5% in FY22.
Capital adequacy reduced to 18.4% providing capacity for growth and supporting risk weighted assets of PGK2.8b and total assets of PGK5.2b. The quality of the loan book remains healthy.
The company also announced a dividend of AUD 6.0 cents/PGK 15.5 toea, bringing the full year dividend to AUD 10.0 cents/PGK 26.1 toea. This reflects a payout ratio of 74%, within KSL’s dividend policy. The stock closed at K3.35 a share whilst it ended the week at A$1.09 on the ASX.
The company also during the month announced the appointment of Ivan Vidovich as the Managing Director and Chief Executive Officer of Kina Securities Limited.
Please refer to copies of the announcements.