The National, Thursday October 24th, 2013
NASFUND Contributors Savings and Loans Society (NCSL) recorded a net profit of K4.8 million last year, up 14% from 2011..
Its 2012 annual report said NCSL posted an asset value of K11.7 million, up 13.4% from the previous year.
Membership savings deposit also showed K82.7 million, a 19.7% increase from 2011.
The report said NCSL had cash reserves of K6.2 million after interest crediting.
Chairman Ian Tarutia (pictured) said the society continued to grow in all aspects of its operations alongside improved customers’ services.
“Towards the end of 2011, NCSL launched the biometric identification service (BIS), which enables members to register their fingerprints and ensures that only the member can access their account information upon impressing their fingerprints on the digital reader,” Tarutia said.
NCSL board also announced a payment of 5.5% interest on members’ savings accounts.
After statutory reserving, the members were paid that interest on their general, education and Christmas savings, which was credited last March.
The society posted a total income of K8.284 million during the year of operations.
The report said the income was mainly derived from interest income from loans of K2.68 million, interest from investments in government’s inscribe stocks of more than K4 million and interest income of K238,246 from interest bearing deposits.
A dividend of K172,898 was received from NCSL’s equity investments with Credit Corp and New Britain Palm Oil and more than K483,000 was received as rentals from its investment properties in Port Moresby and Alotau, Milne Bay.
NCSL also released K27 million in loans, up 31% from 2011.
Membership also soared to 5,170, reflecting 9.1% increased from 2011.