14 Questions
What is one of the community programs supported by the bank?
Links of Hope program
What is a characteristic of the leadership team of the bank?
Extensive experience in the financial services industry
What is an aspect of Kina Bank's corporate governance?
High standards of corporate governance
What did the bank achieve in 2023?
Record customer growth
What was launched in 2023 to improve customer service?
FIRST program
What is one of the initiatives that has made banking more accessible and convenient for customers?
WhatsApp Banking
What is Kina Bank's market position in Papua New Guinea?
The leading digital bank
What was the percentage increase in Kina Group's net profit before tax?
20%
What contributed to nearly 50% of Kina Bank's total income?
Revenue from non-interest products
What was the name of the bill payments platform launched by Kina Bank?
Pei Beta
What is the focus of Kina Bank's digital innovation strategy?
Digital payments and e-commerce solutions
What is the name of the superannuation fund with which Kina Bank has a strong partnership?
Nambawan Super
What is the theme of Kina Bank's first Sustainability Report released in 2023?
United Nations Sustainable Development Goals
What is the name of the digital banking platform launched by Kina Bank?
Kina DigiBank
Study Notes
Company Overview and Achievements
- Kina Bank is PNG's leading digital bank, recognized for its innovation and customer-centric approach.
- The bank has achieved significant growth in market share for both deposits (13.1%) and lending (15.8%).
- Kina Group's net profit before tax increased by almost 20% to PGK 175.3 million.
- The loan book grew by nearly 20%, leading to a notable increase in interest income.
- Despite a higher corporate tax rate, the underlying net profit after tax remained stable at PGK 105.2 million.
Financial Performance
- Digital portfolio revenues grew from PGK 4 million in 2019 to almost PGK 65 million in 2023.
- Core banking products, especially business lending, showed strong revenue growth.
- Revenue from non-interest products contributed to nearly 50% of total income.
Strategic Initiatives and Innovation
- Kina Bank has been a pioneer in digital banking, launching products like Pei Beta bill payments platform and Kina DigiBank.
- The bank introduced new digital hubs and mobile banking teams to enhance customer access and experience.
- A focus on digital payments and e-commerce solutions has positioned Kina as a leader in financial technology in PNG.
Strategic Partnerships
- Strong partnerships with Nambawan Super, National Superannuation Fund, and others have supported growth in funds administration and wealth management.
- Collaboration with NiuPay and the Department of Lands and Physical Planning for the E-Lands Kiosk has modernized public sector payment services.
Sustainability and Community Engagement
- Kina released its first Sustainability Report in 2023, outlining its progress and goals aligned with the United Nations Sustainable Development Goals.
- The bank supports community programs like the Links of Hope program and the Kokoda Track Foundation, contributing to social and educational initiatives in PNG.
Leadership and Governance
- The leadership team, including CEO Greg Pawson and other senior executives, has extensive experience in the financial services industry, both locally and internationally.
- The board and executive team have been instrumental in driving the bank's strategic initiatives and ensuring robust governance practices.
- Kina Bank is committed to high standards of corporate governance, with detailed policies and practices to ensure transparency, accountability, and sustainable growth.
Customer Focus
- The bank achieved record customer growth in 2023, with significant increases in retail and business customers.
- New product offerings and improved digital services have enhanced the overall customer experience.
- The launch of the FIRST program in 2023 realigned company values around customer service, emphasizing fairness, inspiration, responsiveness, and teamwork.
- Initiatives like WhatsApp Banking and mobile banking teams have made banking more accessible and convenient for customers.
Kina Bank's company overview, achievements, market position, financial performance, and growth in Papua New Guinea.
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