Nambawan Super unveils K263m profit

BY ANCILLA WRAKUALE
NAMBAWAN Super Fund has announced a net profit of K263 million for 2010.
The fund also disclosed last Friday a 10% interest rate earnings for its members.
Chairman Sir Nagora Bogan said: “This is an excellent outcome for members of the fund if we benchmark that against the fund’s long-term overarching strategy to derive interest rate above 2% of the headline inflation.”
He said last year’s result was 38% better than the previous year’s performance.
Sir Nagora said the outcome had enabled the fund to declare a 10% interest rate which will be credited to member accounts including the Retirement Savings Accounts (RSAs) of retired members.
Sir Nagora also said 2010 “was a year of solid results and investment for the future”, positioning NSL for contributing to a sustainable, long-term growth.
Meanwhile, national vice-chairman of  PNG Teacher’s Association Martin Kenehe, who spoke on behalf of the membership committee, welcomed the good news.
He said the members would be happy to hear about the double-digit interest.
NSL currently has 124,000 members with the highest average member account balance of more than K26,000.