Loan society records increase in net profit by K660,354

THE PNG Power Staff Savings and Loan Society Limited has reported a net operating profit of K1.39 million for the year ending December 31, 2015.

It was an increase of K660,354 (90 per cent) from the previous year’s net profit of K734,220. 

Board chairman Chris Bais (pictured) made the announcement following the society’s annual general meeting held recently in Yonki, Eastern Highlands.

Bais attributed the profit to tightened expenditure, improved returns on dividends from its shares in Bank South Pacific, and improved returns on interest-bearing deposit investments. 

The 4.75 per cent interest on member’s share savings is additional to the 5.25 per cent per annum the society normally pays out on members’ savings.

It brings total interests paid last year to 10 per cent for its 1,182 members. 

Total income for the last financial year was K2.99m, an increase of K368,641 from the previous year.