K13.6mil for NCSL members

The National Business

MORE than 140,000 Nasfund Contributors Savings & Loan Society (NCSL) members can expect six per cent in dividend payments for last year.
That would be a total of K13.6million to be deposited into members’ accounts.
The NCSL board considered and accepted the society’s audited accounts for the 2021 financial year and made the announcement yesterday.
Chairman Ian Tarutia, on behalf of the board, announced the following results:

  • TOTAL assets increased by 11.5 per cent to K286.4 million;
  • NET Asset Value increased by 13.8 per cent to K33.2 million;
  • GENERAL reserves at K19.2 million, up 8.1 per cent;
  • CORE business revenue increased by just under 13 per cent to K31 million;
  • TOTAL revenue increased by 13.2 per cent to K36.4 million;
  • OPERATING expenses (excluding Interim Dividend Payment to members and loan provisioning) increased by 2.7 per cent to K16.3 million;
  • TOTAL membership increased by 5.9 per cent to 141,786;
  • MEMBERS savings increased by 12.8 per cent to K247.6 million;
  • NET loan portfolio increased by 4.3 per cent to K127.2 million;
  • TOTAL number of loans processed increased by 5 per cent to 141,164; and
  • TOTAL volume of loans processed increased by just under 5 per cent to K129.7million.

NCSL’s declared rate six 6 per cent is above the average rate of 5.5 per cent paid to members over the last five years.
Tarutia said: “The board was pleased with the overall results despite the challenging economic environment during the year and the ongoing Coronavirus impacts.
Our expenses also increased due to the recruitment of key personnel in management and divisional business units.
“Despite this, NCSL recorded a good all-round performance.
“The main drivers of profitability and balance sheet growth were on the back of an increase in the lending portfolio and transaction numbers which resulted in a higher fee income.”