Credit Corporation PNG Commercial Bank Approval - Exciting Opportunities Ahead

Credit Corporation PNG has reported its financial results for the financial year ending December 31, 2022. 

• The company's core operating profit was K98.8m, up 25.0% from the previous corresponding period (PCP). 
• The net profit after tax (NPAT) was K86.04m, an increase of 11.9%. 
• The company's earnings per share rose from 25 toea to 28 toea per share. 
• The total risk-weighted capital ratio increased from 40.1% to 45.0%. 
• The dividend per share for FY22 was 22.5 toea, up 25.0% from the previous year.

Download the full report here.

Credit Corporation PNG dividend income

The Finance Division of Credit Corporation had an NPAT of K36.6m, up 41.9% from the PCP, while the Property Division recorded a core operating profit of K13.4m, up 31.0% from the PCP. 

The company's dividend income increased from K52.9m to K61.5m.

Credit Corporation PNG Commercial Bank 'Approval'

Credit Corporation is transitioning to becoming a fully-fledged niche commercial bank, and the Bank of PNG granted it 'Approval in Principle' for an unrestricted banking license. 

The company's outlook is positive, and it will continue to focus on pursuing growth opportunities while maintaining a strong balance sheet and disciplined approach to managing the quality of its loan book.

Investors' takeaway

For investors, the key takeaways are that Credit Corporation's financial performance for FY22 was strong, with an increase in profitability, earnings per share, and dividend per share. 

The company's decision to transition to a fully-fledged niche commercial bank and its Approval in Principle from the Bank of PNG for an unrestricted banking license are important developments to watch. 

The company's focus on disciplined management of its loan book and strong balance sheet is reassuring for investors.

Read about how to invest in PNG Stocks, Treasury Bills and Government Bonds.

In Brief:

Credit Corporation PNG has reported a strong financial performance in FY22, including a 25% increase in core operating profit and 11.9% rise in NPAT. The Group's total risk-weighted capital ratio rose to 45%, while its property division recorded a core operating profit of K13.4m. Credit Corporation also declared a final dividend for FY22 of 12.3 toea per share, a 25% increase compared to FY21. The Bank of Papua New Guinea granted the company 'Approval in Principle' for an unrestricted banking license, allowing it to transition to becoming a bank and ultimately listing on the ASX.

How to Apply to Madang Technical College Non-School Leaver and Grade 12 School Leaver

Madang Technical College is a pioneer Technical Vocational Education and Training (TVET) college under the National Department of Education. Established initially as a specialised Building Trade College, the college has expanded its program offerings over the years. 

In 2007, the college introduced Non-Trade courses. This expansion has provided students with opportunities to further their education to a diploma or degree level at higher training institutions both locally and overseas.

Programs of Study at Madang Technical College

Madang Technical College offers a wide range of programs in both trade and non-trade courses. 

Traditionally, the college has been known for its courses in

• Carpentry, 
• Cabinet Making, 
• Plumbing, and 
• Sheet Metal Trades. 

However, with the addition of non-trade courses, students can now pursue programs such as

• National Certificates in Office Administration, 
• Tourism & Hospitality, and 
• Diploma in Business Studies (specialising in Office Administration and Accounting). 

How to Obtain the Non-School Leavers Application Form

If you are a non-school leaver interested in applying to Madang Technical College, you can obtain the application form directly from the college. 

Apply to the college directly. You must provide all the required documents listed on the 2024 application form. Failure to do that will result in non-selection.

To apply as a non-school leaver, you need to complete the application form provided by Madang Technical College. The form will require you to provide relevant personal information, educational background, and your preferred program of study. 

Once you have filled out the application form, you should submit it to the college's administration office along with any required supporting documents.

(If you have applied this year, check out the Madang Technical College Acceptance List here)

Applying as a Grade 12 School Leaver 

If you are a Grade 12 school leaver, the application process is slightly different. The Department of Higher Education, Research, Science, and Technology has established the National Online Application System (NOAS) to streamline the application process for school leavers. 

To apply through NOAS, you need to fill out the school leavers' form, which can be accessed online on the NOAS platform. 

The form will require you to provide your personal details, academic qualifications, and preferences for the Technical College you wish to attend. 

Your school's deputy principal and the class patron will guide you through this process. Ensure that you carefully review and submit your application before the specified deadline.

Important Tips for Applicants for the 2024 Academic Year

For those planning to apply for the 2024 academic year, it is crucial to stay updated with the application deadlines and requirements. 

Keep an eye on the announcements made by Madang Technical College and the Department of Higher Education, Research, Science, and Technology regarding the application process. 

It is also advisable to gather all the necessary documents, such as academic transcripts, certificates, and identification, well in advance to avoid any last-minute complications. 

If you have any questions or need clarification on the application process, do not hesitate to contact the college for assistance.

To check out the full list of Technical College in PNG, click here

Contacting Madang Technical College for Information on Application and Admission

For further information on the application form, admission requirements, or any other inquiries, you can contact Madang Technical College using the following details:

• Contact address: Madang Technical College, P.O. Box 186, Madang, Papua New Guinea.
• Phone: 852 2877 / 852 2585
• Email: mateco@datec.net.pg

Apply to Madang Technical College

Madang Technical College offers a range of technical and vocational programs, allowing students to acquire skills and knowledge that are relevant to the needs of Papua New Guinea's formal and informal sectors. 

Whether you are a non-school leaver or a Grade 12 school leaver, there are specific application processes in place. 

By following the guidelines provided by the college and DHERST, you can successfully apply to Madang Technical College and take the first step towards a rewarding career in your chosen field.