Promising results
Credit institution records $6.3m profit
LICENSED credit institution Kontiki Finance Ltd (KFL) performed well in the first six months of its past financial year to deliver a net profit of $6.3 million, after taking an additional $1.1m in loan provisions.
Company chairman Daryl Tarte said they continued to assist customers who were still affected by the current economic situation with loan repayment holidays.
“In addition, our loan protection insurance product has assisted those KFL customers suffering involuntary unemployment.”
In its unaudited results for the six months to December 31, 2020, the company reported an increase of 10 per cent in its total assets under management grew to $263.5m as at December 31 2020, compared with $239.8m for the same period in 2019.
The group also recorded an increase of 11 per cent of its net interest income for the six months to December 31, 2020 at $16.1m, as compared with $14.4m for the same period in 2019.
The net profit after tax (NPAT) of $6.3m was stated to be an increase of 16 per cent from the $5.4m NPAT recorded for the same period the previous year.
Group earnings per share for the first six months was said to be 6.8 cents per share which was up from 5.9 cents per share in the same period in 2019.
The net assets closed at $32.9m as at December 31 2020, an increase of 17 per cent when compared with the same period in 2019 which was $28.2m.
It was also announced the group's cash at bank and liquidity placements had grown to $94.3m as at December 31 2020, which was an increase of 17 per cent over the same period in the previous year.
Mr Tarte said the group was well positioned for growth, with adequate loan provisions, strong liquidity and capital.
He said the result reflected the group's investment in their people, technology and systems as well as its emphasis on cost control and prudent growth.