NCSL records K32mil in revenue

THE Nasfund Contributors Savings and Loans (NCSL) generated a K32.2 million revenue last year – a 14 per cent increase – with a net profit of K13.2 million.
Chairman Ian Tarutia told members during the annual general meeting on Friday that this resulted in a 6 per cent interest equating to K12.1 million paid to members.
Other results included:

• A 10 per cent increase in net loans to K121.9 million;
• BALANCE sheet in terms of assets increased by 11 per cent to K256.8 million; and,
• NET assets increased by 14 per cent to K29.2 million.

“Despite the challenges brought about by the Covid-19 nationwide in the past year, the NCSL, was able to attain positive results that has flowed directly to members,” Tarutia said.
“Earlier last year, the Nasfund Contributors Savings and Loans initiated the poro tumas campaign to increase our membership.
“This is a key incentive to provide access to financial services to all.
“Our focus continues to be delivering quality service to our members and enhancing the customer experience at every touch point within the society.
“We informed this forum in the past of our aspiration to become a bank, not just an ordinary bank, but an e-bank that will use technology, electronic channels to deliver our services at the convenience of your fingertips.”
Tarutia said Deloitte was engaged last year to conduct a feasibility study on the steps to take to realise the e-bank.
“There are challenges, I do not deny this,” he said.
“As a board, we are not blind to the issues and hurdles we must overcome to progress your society, to a provider of e banking services.
“We have had discussions with Bank of PNG as regulator and taken their advice on board.”