THE Nasfund Contributors Savings and Loans (NCSL) has announced a K13.24 million net profit for the 2020 financial year resulting in an interest crediting rate of 6 per cent to its members.
Other highlights include:
- TOTAL assets increased by 11.3 per cent to K256.8 million;
- NET asset value increased by 14.3 per cent to K29.2 million;
- REVENUE from core business increased by just over 10 per cent to K 27.6 million;
- TOTAL revenue increased by 13.9 per cent to K 32.2 million;
- INCREASE in operating expenses by 17 per cent (excluding interim interest payment to members and loan provisioning) to K15.9 million;
- NET income increased by 9.5 per cent to K 13.2mil (after expenses including interim interest payment to members and loan provisioning);
- SOUND general reserves increased by 17.4 per cent to K17.8 million;
- INTERIM interest payments to members increased by 17.4 per cent to K2.5 million;
- TOTAL membership increased by 9.2 per cent to 133,869 members;
- MEMBERS savings increased by 11.2 per cent to K219.5 million;
- NET loan portfolio increased by 9.5 per cent to K122.0 million; and,
- TOTAL number of loans processed increased by 23 per cent to 134,327.
Chairman Ian Tarutia, during the year, said NCSL paid an interim interest of 1.2 per cent to member’s savings.
“After statutory reserving of 20 per cent, NCSL will pay an additional 4.8 per cent or K9.8 million in interest to members.
“This is a total of six per cent for the 2020 year equating to K12.3 million which NCSL members will benefit from.
“NCSL’s final interest crediting rate of six per cent is above the average crediting rate of 5.5 per cent paid to members over the last five years and maintains the wonderful record of healthy returns on members’ funds deposited with NCSL.”
Tarutia said the interest payment was paid to members’ savings accounts on Friday.