Making money
p. 33 · Read in the full issue
PAPUA New Guinea Banking Cor poration has announced a 15.1 per cent increase in profit with a pre tax result to December 31 of K 5.48 mil lion. The bank attributed this strong re sult to holding of operating costs, im proved interest margins and sound lend
ing growth.
The bank’s chairman, Übum Makarai, said continued growth in profitability stemmed from decisions made when in itiating the five-year plan in 1987 and,
with capital adequacy becoming an im
portant measure of a bank’s credibility in global markets, it was vital to stick to that strategy.
Bank income in the 1988 year reached K 63.8 million and new loans totalling KllO million were approved.
At December 31, the PNG Banking Corporation had representation at 42 locations around the country, with agents at 152 other places. Ninety per cent of the 1296 staff members are Papua New Guineans.
The bank’s major subsidiary, Namba wan Finance Ltd, reported a profit of K 2.02 million after tax and extraordin ary items. □