The Board has set a new strategic direction for the organization for the next five years, focusing on enhanced customer experience and maximizing shareholder value through superior returns over the longer term.
At Credit Corporation our ambition is to be the South Pacific’s leading Financial Institution assisting in developing the aspirations of all Pacific Island Nations. To achieve this ambition Credit Corporation will use a set of defined values.
- Customer Commitment
- Maintaining highest standards in all aspects of business
- Building a strong, honest & motivated employee group
At Credit Corporation we are proud to play a role in contributing to community organisations and worthwhile causes which are important to our Group, our customers, and our people in PNG and throughout the Pacific.We have supported our vision by participating in numerous community events throughout the year. Some of our areas of focus in FY18 included health, youth development, sports, education, empowerment of women and the environment. Credit Corporation contributed a total of K230,000 to community projects across PNG and the Pacific.
Credit Corporation COVID-19 update
Preliminary Final Report Financial Year Ended 31 December 2019
Latest News and Announcements
CCP-Distribution of BSP Shares The Board of Credit Corporation (PNG) Limited (the “Company” or “Credit Corporation”) is pleased to announce that, in response to the non-binding shareholder resolutions passed at the Annual General Meeting on 27 June 2019, it has...read more
This presentation has been prepared and issued by Credit Corporation (PNG) Limited (the “Company”), and may not be reproduced in whole or in part, nor may any of its contents be disclosed to any other person without the prior written consent of the Company. This...read more
Credit Corporation Group delivered an excellent first half to 30 June 2019 (1H19) with a 31.5% increase in Core Operating Profit to K70.7m and a 12.6% increase CCP 2019 Half Year Results PNGXread more
Credit Corporation (PNG) Limited commenced business in 1978 as a general finance company. It has grown successfully to be recognised as one of Papua New Guinea and South Pacific’s most progressive financial institutions.The Company specialises in providing the following range of finance products and services:
- Chattel mortgage and lease finance for customers to acquire a wide variety of motor vehicles, heavy machinery plant and equipment for commercial and business use;• Specially tailored financing packages;
- Insurance premium funding; and
- Investment facilities.
In addition, through its subsidiary companies, the Credit Corporation Group owns and manages a portfolio of Prime Real Estate Assets. Shareholders have received a dividend each year since the incorporation of the Company in 1978. The Credit Corporation Group presently owns assets valued at K1.43 billion and operates offices in Port Moresby, Kokopo, Mount Hagen and Lee in Papua New Guinea, in Suva, Nadi, Lautoka and Nakasi in Fiji, in Honiara in the Solomon Islands, Port Vila in Vanuatu and Dili in Timor-Leste. Credit Corporation (PNG) Limited is listed on the Port Moresby Stock Exchange and registered under the Papua New Guinea Companies Act 1997. The Company is incorporated and domiciled in Papua New Guinea.
The investment portfolio consists of listed equities, predominantly Bank of South Pacific (BSP) shares. The investments provide a stable and diversified earnings stream which is aimed at assisting Credit Corporation to deliver consistent returns and financial stability during periods of weaker demand in other areas of the Group. Dividend income in FY18 was predominantly derived from BSP. Kina Asset Management also paid K213k in dividend in FY18. The valuation of shares in BSP increased by 7% in FY18, while the dividend yields also improved by 20bps. Credit Corporation also holds a 25% interest in the unlisted Capital Insurance Group. Credit Corporation accounts for interests in associates and joint ventures using the equity accounting method. Based on information available at the time, the Directors have taken a prudent approach in their consideration of the investee’s impairment indicators and have decided to adopt a K2.99m impairment charge on this investment. During the year, there were no dividends received from Capital Insurance Group