NCSL records increase in deposits

NASFUND Contributors Savings and Loans Society (NCSL) has recorded an increase in deposits by its members of up to K10.6 million during the month of March when the Government announced the state of emergency (SOE) in response to the global Covid-19 pandemic, according to NCSL.
Chief executive Vari Lahui said this while sharing statistics and trends displayed by its 127,000 members nationwide.
Lahui said there was a 13 per cent reduction in loan applications by members, which was the first time ever to see a net decline in the loan portfolio since NCSL’s inception in 2003.
Lahui said the increase in member savings and decline in the loan portfolio indicated cautious approach adopted by members during this period of uncertainty.
“During the month of April, NCSL saw a return to the growth trend in the loan portfolio which also saw further growth in member savings indicating the resilience of its members.”