K11m for NCSL members

THE Nasfund Contributors Savings and Loan Society (NCSL) paid a total of K11.3 million to its members as a result of the 6.7 per cent crediting rate declared early this year.
Chairman Ian Tarutia told members during the society’s fifth annual general meeting in Port Moresby yesterday that despite the economic challenges that the country faced last year, NCSL attained positive results for the 2019 financial year.
“We recorded, for the financial year 2019, a 38 per cent increase in revenue of K28.2 million,” he said.
“We recorded a 42 per cent increase in profit from net income of K12.09 million.
“In terms of loans obtained, we recorded a 24 per cent increase at a value of K111.4 million.”
Tarutia highlighted that last year saw a 37 per cent growth in lending portfolio with the highest ever number of loan applications processed in a calendar year as well as an increase in the number of members using the society’s electronic channels to access to products and services.
“In terms of loan application which is an important component of our society’s operations and the benefit that our members receive, we recorded a 48 per cent increase and that equated to 108,482 loan applications.”
Other highlights included:

• Total assets increased by 24 per cent to K230.6 million;
• Membership grew by 15.5 per cent to 122,616; and,
• Lowest ever ratio of loan delinquency.

“In terms of our presence in the savings and loans landscape, we increased our market share from 21 per cent in 2018, to 25 per cent of the total loans in the savings and loans,” Tarutia said.
He said NCSL became the first non-bank to participate in retail electronic payment system (Reps) enabling the use of its Poro debit bank card on any commercial bank automated teller machine (ATM) and Eftpos terminal.
He also noted that last year saw the operationalisation of the revised Savings and Loan Act and NCSL was one of the few savings and loans societies that fully complied with the requirements of the revised Act and successfully obtained its licence from the Bank of PNG.
Tarutia acknowledged the society’s management and staff for their hard work and contribution to the 2019 financial results and also thanked the members for their trust and support.