KINA SECURITIES LIMITED 30 March 2022
ASX/PNGX | Announcement
ASX Markets Announcement Office | PNGX Markets |
Exchange Centre | Harbourside West Building |
20 Bridge Street | Unit 1B.02, Level 1, Stanley Esplanade |
Sydney NSW 2000 | Down Town, Port Moresby 121 |
Australia | Papua New Guinea |
BY ELECTRONIC LODGEMENT |
Audited Consolidated Financial Statements for the year ended 31 December 2021
Please see attached for release to the market, Kina Securities Limited's Audited Consolidated Financial Statements for the year ended 31 December 2021.
For further information:
Samantha Miller
ENDS
Executive General Manager Investor relations, Corporate Affairs and ESG Email:Samantha.miller@kinabank.com.pg
Phone: +61 0402 426 767
This Announcement was authorised for release by Kina Securities Limited's Board of Directors.
CONSOLIDATED FINANCIAL STATEMENTS 2021
December 2021
Directors' report
The Directors of Kina Securities Limited and its Subsidiaries ("the Group", "Company", "Kina") submit herewith the annual financial report of the Company and its Subsidiaries for the year ended 31 December 2021.
Principal activities
The principal continuing activities of the Company and its Subsidiaries during the year were the provision of commercial banking and financial services (including asset financing, provision of commercial and personal loans, money market operations and corporate advice), fund administration, investment management services and share brokerage.
The Directors consider there are no unusual or other matters that warrant their comments and the Group's financial position and results from operations are properly reflected in these financial statements.
Operating results and review of operations
The net profit attributable to equity holders for the year for the Group was K70.8 million compared with K76.0 million in 2020.
The profit includes the following items:
Net interest income of K177.3 million, compared with K169.7 million in the prior year to 31 December 2020.
Net fee and commission income of K89.3 million compared with K76.2 million in the prior year.
Operating income before impairment losses and other operating income of K334.4 million, up from K314.8 million in the prior year.
Expected credit losses on financial instruments at amortised cost of K6.5 million, compared with K22.0 million in the prior year.
Other operating expenses of K194.1 million, compared with K182.9 million in the prior period.
Dividends
The Company paid a dividend of PGK 16.9 toea (AUD 6.0 cents) per share (K48.3m) in April 2021 in relation to the profit for the half year ended 31 December 2020. In September 2021, the Company also paid dividend of PGK 8.25 toea (AUD 3.0 cents) per share (K23.7m) in relation to the profit for the half year ended 30 June 2021.
After balance sheet date events
Subsequent to balance sheet date, the directors declared a final dividend of PGK 18.5 toea (AUD 7.0 cents) per share (K53.1m) on underlying NPAT declared for the second half of financial year 2021.
See also note 40 for other subsequent events.
Donations
During the year the Group made donations totalling K401,718 (2020: K258,491)
Auditor's fees
Fees paid to the auditor during the year for professional services are shown in note 37 to the accounts. The external auditor is Deloitte Touche Tohmatsu Ltd.
Remuneration of employees
During the year, the number of employees or former employees (not being directors of the Company), receiving remuneration in excess of K100,000 per annum from the Group stated in bands of K10,000 was as follows:
In PGK | 2021 | 2020 |
1,530,001 - 1,540,000 | 1* | - |
1,450,001 - 1,460,000 | - | 1* |
1,030,001 - 1,040,000 | 2 | - |
980,001 - 990,000 | - | 2 |
920,001 - 930,000 | - | 1 |
900,001 - 910,000 | 1 | - |
860,001 - 870,000 | - | 1 |
800,001 - 810,000 | 1 | 1 |
770,001 - 780,000 | 1 | - |
750,001 - 760,000 | 1 | 1 |
740,001 - 750,000 | 1 | 1 |
710,001 - 720,000 | 1 | - |
640,001 - 650,000 | 1 | - |
610,001 - 620,000 | - | 1 |
600,001 - 610,000 | 1 | - |
580,001 - 590,000 | 2 | 2 |
570,001 - 580,000 | 1 | - |
550,001 - 560,000 | 1 | 1 |
540,001 - 550,000 | - | 1 |
510,001 - 520,000 | 2 | - |
500,001 - 510,000 | 1 | - |
490,001 - 500,000 | 1 | 2 |
470,001 - 480,000 | 1 | 1 |
460,001 - 470,000 | - | 1 |
450,001 - 460,000 | 1 | - |
440,001 - 450,000 | 1 | 2 |
420,001 - 430,000 | 1 | - |
400,001 - 410,000 | - | 1 |
390,001 - 400,000 | 1 | 1 |
380,001 - 390,000 | 1 | 2 |
360,001 - 370,000 | - | 1 |
330,001 - 340,000 | 2 | - |
320,001 - 330,000 | 2 | 2 |
310,001 - 320,000 | 1 | 3 |
300,001 - 310,000 | 1 | - |
280,001 - 290,000 | 1 | 1 |
270,001 - 280,000 | 1 | - |
260,001 - 270,000 | - | 2 |
*Impact of foreign exchange conversion.
Remuneration of employees (continued)
In PGK | 2021 | 2020 |
250,001 - 260,000 | 2 | - |
240,001 - 250,000 | - | 1 |
220,001 - 230,000 | 3 | 2 |
210,001 - 220,000 | 1 | - |
200,001 - 210,000 | 1 | 1 |
190,001 - 200,000 | 4 | 2 |
180,001 - 190,000 | 7 | 4 |
170,001 - 180,000 | 5 | 10 |
160,001 - 170,000 | 8 | 4 |
150,001 - 160,000 | 9 | 7 |
140,001 - 150,000 | 6 | 9 |
130,001 - 140,000 | 11 | 8 |
120,001 - 130,000 | 6 | 2 |
110,001 - 120,000 | 16 | 18 |
100,000 - 110,000 | 21 | 23 |
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Kina Securities Ltd. published this content on 30 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 March 2022 07:34:07 UTC.
