NCSL: K4.8m profit

 NASFUND Contributors Savings & Loans Society (NCSL) has posted a net profit of K4.8 million in 2012, up 14% from the 2011 figures.

Board chairman Ian Tarutia announced the results of the society’s performance after the board met on Tuesday to accept its audited financial statements.  

He also said members’ accounts would earn a credit of 5.5% this year.

The results of the NCSL are as follows:

n Gross assets of K94.9 million, up 18.7%; 

n Net assets of K11.7 million, up 13.4%; 

n Net profit of K4.8 million, 14% increase on the 2011 results;

n Reserves of K6.2 million after interest crediting; and

n Active membership base of 61,690 members representing a growth of 9.1%.

On the back of the financial performance, the board approved an interest rate of 5.5% to be paid to members savings accounts. 

Other highlights of the year included:

n 206 shop floor presentations to members on savings and loans benefits;

n Withdrawals due to unemployment amounted to K33.9 million;

n Total lending to members increased by 31.1% to K27 million; and

n Introduction of bio-metric identification system.

“Last year was another exciting year for NCSL,” Tarutia said.

“We continued to grow across all facets of the society’s operations while maintaining focus on our core function of providing convenient service to our Nasfund members.  

“On this note I extend the board’s appreciation to the management and staff for delivering results in another challenging year.

“I am sure members will be happy to receive 5.5% interest in to their accounts. 

“Since its inception in 2003, the society has established a good history of profitability, membership growth and reputation for innovative client servicing. 

“The board and management are committed to building on this foundation for the benefit of our members.”