K24mil in bonus interest

By PETER ESILA
THE Teachers Savings and Loans Society (Tisa) yesterday announced an additional interest of K24,766,272 to be paid into the Yumi Account for its 65,000 members to access.
Tisa chairman Gabriel Tai when announcing the 2019 financial performance, said Tisa was pleased to declare an audited profit of K73,092,675 for the year.
The 2019 financial year additional bonus interest is an increase of K5,147,088 from the 2018 bonus that was paid out to members.
“Net loan portfolio has grown to contribute 28 per cent to total assets and 31 per cent of gross revenue contribution to this financial performance,” Tai said.
“The society’s balance sheet as at the end of 2019 stands at K825,420,647 to total assets, a growth of 11 per cent last year.”
Tai said following the 2019 bonus interest crediting, its more than 62,000 members savings had reached K400 million.
He said it was a reflection of the trust members place in Tisa.
Ten years ago, the members savings was K133 million (2009) and had since grown by 201 per cent to K400 million by 2019.
For 2019, the overall interest paid to members totals to K33,256,655, an increase of K6,577,877 from the 2018 interest crediting to members.
For the last 10 years (2009 to 2019), Tisa has paid interest to its members in the amount of K188 million.
Tai said the society’s strong interest performance among other indicators was underpinned by the trust and support from Tisa members.
The bonus interest of K24,766,272 has been credited into the YumiAccount to be accessed using the YumiCard. Members who do not have a Yumi Card (Tisa’s debit card) are advised to get one.