Fund posts lower profit and pays out

The National Business

By NATHAN WOTI
THE Nasfund Contributors Savings and Loan Society (NCSL) posted a net profit of K9.7 million in the 2023 financial year, a 40 per cent decrease from the 2022 figure of K16.1 million.
The NCSL paid about K7.9 million into the accounts of its 147,000-plus members.
Society chairman Christopher Elphick blamed the drop in profit to the shutdown of its information technology system, and the upgrading of its core systems during the year. But he said the fund still managed to pick up towards the end of the year.
“During the year, an extensive remediation process to improve information technology risk management was successfully undertaken,” he said.
“The NCSL board approved a significant upgrade to its core systems to ensure modern digital offerings for its membership.
“A call centre system has been implemented so member queries are promptly answered.
“This includes NCSL employees receiving training with a customer focus,” he said.
After a 20 per cent statutory reserving, members’ accounts were credited, in addition to the interest rates which members were already receiving in their accounts.
It amounts to 4.15 per cent for the 2023 financial year, equating to K11.6 million in interest on members’ savings.
Other highlights for 2023 include:

  • TOTAL assets increased by 1.4 per cent to K316 million;
  • NET assets of K36.3 million;
  • GENERAL reserves increased by 8.2 per cent to K25.8 million;
  • TOTAL membership increased by 3.1 per cent to 146,765;
  • MEMBERS’ savings increased by 2.5 per cent to K274.5 million; and,
  • NET loan portfolio increased by 9.6 per cent to K152.8 million.