Kina Securities Ltd
(ASX:KSL), a Papua New Guinea bank listed on the ASX, will release its full year results in February 2017. In the meantime, the bank has provided a trading update about the likely profit its shareholders can expect.
The bank says it experienced solid growth in lending and deposits, low levels of bad debt and strong net interest margins.
Kina expects its total lending to reach around K600 million (AU$252.4 million) at the end of this year, which represents around 60% growth.
And total customer deposits are forecast to reach around K880 million (AU$370.1 million) at year end, which is an increase of 28% since June 2016.
Kina has forecast that its FY17statutory profit after tax will range from K39 million to K41million, which is AU$16.4million to AU$17.2 million at today’s’ exchange rate.
In comparison, Kina Securities posted a net profit of AU$8.7 million at 30 June 2016.
