Credit Corp Names Richard Sinamoi as Interim Chairman

by PNG Business News - July 21, 2021

Photo Credit: Credit Corp

At the annual general meeting last month, the board named Richard Sinamoi as interim chairman.

“There has been an orderly transition to new leadership and the new board is stable and strongly aligned in our thinking,” Sinamoi said.

He described becoming chairman of Credit Corporation as an "honour" at "such a critical period for the business and the financial services sector."

“Throughout this challenging period due to the Covid-19 pandemic, maintaining our balance sheet strength and supporting our small-medium enterprise customers in the Pacific have been key strategic priorities,” he said.

“Our customers have generally displayed a high degree of resilience throughout this period.

“However, some continue to be challenged by restrictions and changes to consumer behaviour.

“As a director, I have been fortunate to have worked with the current board members in helping to contribute to Credit Corporation successive results over the years.”

Sinamoi acknowledged the outgoing chairman Syd Yates and welcomed newly-elected directors Stephen Humphries and Sir Melchior Togolo.

“I look forward to my ongoing work with the board, management and the entire Credit Corporation team to continue our mission to support SMEs (small to medium enterprises) throughout the Pacific with their financial needs.

“The board is currently working with our interim CEO Danny Robinson and chief financial officer Jeff Undah as we undertake a review of the group’s strategy to ensure we are well-positioned to seize the opportunities presented as we transition out of the Covid-19 pandemic.”



The National (20 July 2021). “Sinamoi is chairman of Credit Corp”.

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PNG Business News - September 24, 2021

Credit Corporation Indicates Small Recovery

The first half of the financial year 2021 has started off well for Credit Corporation Group, indicating a small recovery in financial performance from the severe contraction last year. The Group is concerned about the impact of the pandemic on its Pacific points of representation in the second half of 2021, with borders staying closed, delinquency levels rising, and uncertainty about when borders will reopen to kick-start local economies. Credit Corp reported a net profit after tax of K53 million and a core operating profit of K49.7 million in the first half of the year. In comparison to the 2020 half-year figures, this represents a 104 per cent and a 122 per cent rise, respectively. In addition, the Group earned a return on equity of 10.9 per cent, up from 5.3 per cent in 2020. Given the economic conditions, Group Chairman Richard Sinamoi stated the Group's outcome was gratifying. “The result can be attributed to lower operating costs and higher dividend income from the Group’s investments,” he said. “Total expenses decreased by 46 per cent to K37.4m compared to 1H20, and this was largely attributed to improvements in loan impairment outcomes.” Despite the difficult business climate, the Group's balance sheet remained strong. The Group's liquidity position remained solid at K209 million, with the loan-to-deposit ratio being constant at 97.6%. The Group's strong financial position allowed it to return the excess money to shareholders throughout the first half. As a consequence, a total dividend of 18 toea per share was declared. The Finance section of the Group generated NPAT of K11.3 million, a considerable increase over the previous equivalent period's performance. “Group impairment costs reduced by 94 per cent to K2.4m in 1H21 compared to 1H20. The decrease was largely attributed to impairment costs normalising this year, as compared to that experienced at the outset of the COVID-19 pandemic recognised last year,” Sinamoi said. Danny Robinson, the Group's chief executive, said the company's strong financial performance despite the present economic climate in the Pacific meant it was well-positioned to adapt to the quickly changing operating environment while continuing to assist its clients. “We are refreshing our strategic priorities to ensure we continue to build on our strong foundations and position us for the future. “This is refining and refocusing of our priorities will enable the business to focus on the new challenges and opportunities ahead,” he said.   Reference: Post-Courier (17 September 2021). “Credit Coporation Profits Rebound in 2021”.


PNG Business News - September 24, 2021

Credit Corporation Appoints Robinson as CEO

Danny Robinson has been approved as Credit Corporation's president and chief executive officer. He was designated CEO of Credit Corporation on a permanent basis along with the firm's new general counsel and company secretary, Robinson. Robinson has been interim CEO of Credit Corporation since February this year following the departure of former CEO Peter Aitsi. He was formerly the Group's chief operational officer and has been with Credit Corporation since May 2020. Robinson was the executive general manager of banking at Kina Bank before joining Credit Corporation. He has a great track record of executing customer strategy via company transformation and integration, building distribution networks in new regions, generating significant asset growth, creative product creation, and providing exceptional customer service. Robinson has shown himself since taking over as interim CEO in February, according to Credit Corporation chairman Richard Sinamoi. “Thanks to his efforts, it was a smooth and effective transition to new leadership, despite the challenging environment we have faced due to the COVID-19 pandemic. He has led the business through this difficult period with great determination,” Sinamoi said. “The Board’s decision on the CEO appointment considered the need for ongoing stability during a period of considerable challenges with a proven leader who has an in-depth understanding of our business, our markets and our strategic goals. “His depth of experience across finance, strategy and financial services digital transformation, his inclusive and collaborative people leadership style, and his passion and drive made him the standout candidate,” he said. As the Group's strategic assessment proceeded, Sinamoi said the Board looked forward to continuing its excellent cooperation with Mr Robinson. Robinson expressed his delight at being named CEO of Credit Corporation. “I would like to acknowledge the Credit Corporation team for their support and outstanding commitment to our customers as we continue to meet the challenges of the pandemic.”   Reference: Post-Courier (17 September 2021). “Robinson Is New Credit Corp CEO”.


PNG Business News - July 04, 2022

Credit Corp Intends to List on ASX

Richard Sinamoi, the chairman of Credit Corporation, says they intend to list on the Australian Securities Exchange Ltd. (ASX). Sinamoi stated that it was in the plans for the upcoming three to five years during the company's annual general meeting last week. “Of particular importance is that following the board’s strategic review in Full-year (FY21), we have reset our strategy with a new pathway and developed a revised plan for the next three to five years,” he said. “This new strategic plan has set Credit Corporation on a transformational journey. “This ambitious plan will see us building on our strong finance company businesses, simplifying the group and divesting some of our non-core assets, into becoming a niche commercial bank, and ultimately aiming to list on the ASX. “To realise this strategic growth ambition requires a strong leadership team in place. “I believe our new management team, led by CEO Danny Robinson, will improve the performance and value of the company as we commit to becoming a niche commercial bank in the future.” The board had also declared a final dividend for FY21 of 13.4 toea per share, or K41.2 million, Sinamoi further informed the shareholders. “This follows the interim dividend of 4.6 toea paid in the second half of FY21, making it a total full-year dividend of 18 toea per share, or K55.3 million,” he said. “This represents a full-year payout ratio of 70 per cent of core operating profit, which is at the top-end of the group’s stated dividend policy range of 50 to 70 per cent of core operating profit.” According to Sinamoi, it had a solid track record of paying out all dividends from investments. “It highlights our ongoing commitment to delivering shareholder value,” he said.   Reference: The National (29 June 2022). “Credit Corp plans to be on ASX Ltd”.

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