Credit Corporation (PNG) Limited has outlined its transformation into a commercial bank and reported a solid financial performance for 2024, with Chief Executive Officer Danny Robinson reaffirming confidence in the Group’s future.
Robinson shared the company’s progress at a Port Moresby Chamber of Commerce and Industry breakfast on 27 August 2025, where he spoke about Credit Corporation’s evolution into CreditBank PNG and its digital-first strategy.
He said the Group’s five-year strategy is focused on streamlining services, expanding financial offerings and strengthening risk management.
“The region’s economic expansion is expected to continue, which supports a positive outlook for our operations,” Robinson said, noting favourable conditions across Papua New Guinea, Fiji, the Solomon Islands and Vanuatu.
Robinson acknowledged the work underpinning the transition. “I am especially grateful to everyone who has been involved in the work that has underpinned our new services – the new core banking system, a new digital banking application, enhancement of our internal processes and the upskilling of our people,” he said.
“This strong foundation will position us well for the future and we look forward to capitalising on emerging opportunities in 2025 and beyond.”
Strong 2024 Results
The updates followed the company’s Annual General Meeting in Port Moresby on 20 June 2025, where Robinson described 2024 as a turning point for the Group.
“We reported a strong financial performance which reflects our prudent investment approach and disciplined credit risk management. Combined, this ensures we maintain a strong foundation for future growth,” he said.
The launch of CreditBank PNG in August 2024 marked what Robinson called “a historic milestone in our 46-year history.” Since then, the bank has opened more than 8,000 accounts, attracting customers from all 22 provinces.
Digital services have been particularly popular. “For every new customer who opened an account in one of our branches, seven to eight new customers opened accounts online,” Robinson noted.
Small to medium enterprises, commercial clients and the emerging middle market have also embraced the new bank’s services, strengthening both new and long-standing relationships.
Financially, the Group recorded strong growth across its core businesses. Net loans increased by 20.6% year on year, while deposits rose 24.7% to K637.3 million (US$166 million). These results supported loan growth at lower lending rates.
Despite the expense-to-income ratio rising to 60.7% due to investments in infrastructure and the banking transition, shareholder returns remained strong.
“Return on equity increased to 24.4% from 14.1% in 2023. Total shareholder return for the period was 47.6%, reflecting strong investor support,” Robinson said.
People and Leadership
Robinson emphasised that employees remain central to the Group’s success. “The way our people work together and prioritise our customers distinguishes us from others in the financial services sector,” he said.
Leadership development continued through the Accelerate Performance Program, with 37 participants completing the initiative since its launch in 2021. For the first time in 2024, the programme was extended to staff in Fiji.
The Group also maintained gender balance, with women holding 56% of executive positions and 58% of senior manager and manager roles.
“We celebrate a work environment that values all of our people for their unique contributions,” Robinson said.
A major focus of 2024 was strengthening risk management, including the rollout of a new credit scoring tool to support the transition into a regulated bank.
“This strong framework will ensure that we are well-prepared for the complexities and regulations of banking,” Robinson said.
