Society records profit

THE PNG Power Staff Savings and Loan Society Limited has recorded a profit of K1.6 million for 2016.
This was announced by outgoing chairman Chris Bais during the society’s annual general meeting recently.
Bais said it was a 16 per cent increase from the net profit of K1.4 million in 2015.
“This increased profit was a direct result of controlled expenditure, improved returns of dividends from Bank South Pacific shares and improved returns on local IBD (interest bearing deposits) investments,” Bais said.
A five per cent additional interest will be paid into the accounts of all contributing members.
Bais, a key founding member of the society, told members that since its inception in 1988, the society had grown substantially with a current asset base value of K38.2 million.
He said net assets increased from K16.2 million in 2015, to K19.5 million last year – an improvement of 20 per cent.
“This record profit for the society would not have come about without the prudent management of my board, management, staff and supervisory committee of the society, including the cooperation of all our contributing members,” he said.
“I would like to commend them all for their tireless efforts put into growing the society.
“The PNG Power Staff Savings and Society Limited is among the top 10 best performing savings and loans societies in the country and we should be proud of that.”
Bais had been a director for the 28 years of its operations.