Annual report

Summary

Credit Corporation (PNG) Limited is a PNG-based Pacific region financial services group. It commenced business in 1978 as a general finance company. It has grown successfully to be recognised as one of Papua New Guinea’s and the Pacific’s most progressive financial institutions.

Highlights

Rolled out KEY STRATEGIC INITIATIVES TO IMPROVE CUSTOMER EXPERIENCE including on site dealership events and pre-approved limits for qualified customers.

 

Initiated a more DIVERSIFIED FUNDING STRATEGY bringing more certainty to the funding base and support a STABLE GROWTH PROFILE for the Group.

 

INCREASED PROPERTY OCCUPANCY RATES by 6% overall to 82%, contributing to IMPROVE PROFITABILITY despite downward pressure on rental rates.

 

GREW LOAN BOOK in CC PNG (12%) and CC Fiji (2%). CC VL and CC SI decreased by 14% and 22% respectively. Growth in Solomon Islands was impacted by sluggish economic conditions while growth in Vanuatu was impacted by one‑off impairment costs.

 

Engaged specialist IT firms as lead service providers for IT-related services including outsourcing of CYBERSECURITY SERVICES AND DISASTER RECOVERY SERVICES.

 

Granted LICENCE AS A DEPOSIT-TAKING INSTITUTION IN TIMOR-LESTE welcoming our first deposit customer in July 2019. The Group will continue to monitor the performance of CC Timor.

 

Launched HIGH-SPEED INTERNET TO TENANTS AT ERA DORINA ESTATE. The enhanced service will soon be introduced to Era Matana estate.

 

Received an INCREASED DIVIDEND INCOME STREAM from Bank South Pacific contributing to improved dividend income to shareholders.

 

Significant progress RECOVERING LEGACY LOANS.

financial highlights

chairmans address

Syd-Yates

In 2019 Credit Corporation PNG made excellent progress delivering a solid and resilient result for shareholders.

The actions we commenced in 2018 to refocus our business with a new Strategic Direction have placed us in a strong position to meet the challenges presented to our industry.

syd yates (obe)

ceos report

Peter-Aitsi-(in-suit)

The transformation work commenced in 2018 has continued to deliver improvements through the business which are reflected in a creditable performance for the Group over the 12 months. The diversification of our Group, with finance, property and investment segments, continues to be a key strength. This mix of businesses in addition to our geographic diversification across five countries continues to provide benefits and resilience.

Peter Aitsi

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