Kina Securities Limited (ASX:KSL) Confirms 2024 Profit Guidance
Financial Performance
Kina Securities Limited expects to report an underlying 2024 NPAT of PGK 109.5m to PGK 111.2m, aligning with its guidance. This range includes the after-tax impact of PGK12.0m to PGK15.0m from the customer fraud incident announced on 18 June 2024.
Tax Rate Reduction
Following the reduction of the PNG tax rate for smaller banks from 45% in 2024 to 40% in 2025 and 35% in 2026, Kina Bank’s deferred tax assets decreased by PGK9.4m. This non-cash charge will reduce the company’s 2024 statutory profit to PGK100.0m to PGK102.0m, subject to audit finalisation, without impacting operations.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.