Kina Bank: Key Insights and Points

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.