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Business |
Savings society reports milestone profit
By BIBIAN BARRENG
THE Police & State Services Savings
and Loan Society Ltd has reported a net profit of K1,006,203 for
last year, a milestone in the history of the society since its
creation in 1990.
The previous years net profit were nothing close to last year’s
massive net profit.
In 2005, the society’s profit was only K490,418 and in 2004 it was
K256,074. The earlier years were much lower at K169,469 in 2003;
K290,064 in 2002, and K392,012 in 2001.
Last year, the society’s lending portfolio also reported
substantial increase in school fee loans reaching an unpreceded
record of K6,839,959 at the end of last month.
The society’s success in 2006 is owed to the new board of
directors who were elected into office on April 1, 2006 and in its
first term in office had already set a benchmark.
During a news briefing, Peter Guinness, the board’s new chairman,
praised the interim board for carrying out corrective actions
suggested by the Bank of Papua New Guinea after the termination of
the former board in September 2005.
The society is also headed by new managing director Timai Tally,
who comes in with wealth of experience in heading a savings and
loans society. Other board members include Francis Ko’ou as public
servants deputy chairman; James Wani as director National Capital
District; and chairman loans committee John Marru (director
southern); Anton Billie (director Highlands); Matthew Paigo
(director Momase); and Tokanini Akuila (director New Guinea
Islands).
 
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