Members share K5.2m

 NASFUND Contributors Savings and Loans (NCSL) Society will be paying a 5.5 per cent interest to its members after recording a K6.5 million profit in 2014.

The NCSL board last Friday approved the interest crediting rate that would equate to about K5.2 million to be paid to its members’ accounts after allowing statutory reserving of 20 per cent of the net income.

The interest would be an addition to the 8.5 per cent recently announced by the Nasfund board providing an overall interest of 14 per cent for contributors who are members of both NCSL and Nasfund.

NCDL board chairman and Nasfund CEO Ian Tarutia announced the following results.

• Total assets increased by 13.8 per cent to K123.6 million compared to 2013;
• net asset value of K15.6 million representing a growth of 11.3 per cent over 2013 audited results;
• net income of K6.5 million representing an increase of over 6.5 per cent on the 2013 audited results; 
• total membership grew by more than 7 per cent to 72,355 during the year;
• members’ savings increased from K94.1 million to K107.2 million representing an increase of under 14 per cent; 
• payment of just under K47 million in withdrawals; and, 
• Granted a total of 4,000 loans with a total volume of K38.7 million. 

Tarutia said the NCSL board was pleased with the overall results of NCSL in 2014 in the face of challenges faced in the local economy.

“We note the main drivers of profitability and balance sheet growth were on the back of investments in Government Inscribed Stocks, loan portfolio growth, property and share investments,” Tarutia said in a statement. 

“On this note, we commend the staff and management of NCSL for their hard work and contribution to the 2014 results.

“Importantly, we acknowledge and thank our valued members for their confidence and support over 2014 and assure them of our continued endeavours to provide a savings and loan service they can be proud of.”