Credit Corp records increase in net profit
CREDIT Corporation (PNG) Ltd recorded an increase in its net profit after tax of K132 million for the full year ending Dec 31, 2019.
According to the company, this represented an increase of 34.8 per cent on the prior comparable period.
The core operating profit of K105 million also increased by 21.7 per cent during the period. The board declared a total dividend payment of 20 toea (FY18: 17 toea) per share to shareholders.
This represents a dividend yield of 12.1 per cent.
Chairman Syd Yates said the group had delivered an excellent result despite economic challenges in key markets, increased competition, and international uncertainties over the period under review.
“This result highlights our ongoing strategic focus on maximising shareholder value and creating a solid platform that supports our future growth ambitions,” he said.
“Despite these challenges, we continued to focus on our key priorities of improving the customer experience, strengthening the group’s financial performance, and enhancing our technology and operational capabilities.
“We are also working hard to reduce the costs and risks to our business, and we made solid progress in the recovery of legacy loans during the year.
“A key focus for the group has been to strengthen our risk and compliance structures to meet the ongoing requirements of regulators and the ever-changing risk environment.
“This has been evidenced by the creation of a role of chief risk officer and the appointment of experienced executive Karen Mathers into that role.”