NCSL reveals 2018 financial year results

The National Business

THE Nasfund Contributors’ Savings and Loans Society Ltd (NCSL) announced its 2018 financial year results in Port Moresby last week.
Chairman Ian Tarutia, after the board considered and accepted the audited financial accounts for the 2018 financial year, announced the following results:

  • Total assets increased by 17.5 per cent to K185.5 million;
  • net asset value increased by 50.4 per cent to K20.1 million;
  • sound general reserves at K12.1 million;
  • revenue from core business increased by just over 21 per cent to K19.9 million;
  • operating expenses (excluding interim interest payment to members and loan provisioning) increased by 13.8 per cent to K9.9 million;
  • interim interest payment to members reduced to K1.8 million;
  • loan provisioning charge reduced by 71 per cent to just under K286,700;
  • net income increased by 298 per cent to K8.4 million (after expenses including interim interest payment to members and loan provisioning);
  • total membership increased by 7.4 per cent to 106,159 members;
  • members savings increased by 11.5 per cent to K159.2 million;
  • loan portfolio increased by 32 per cent to K81.2 million;
  • payment of K63.3 million in withdrawals from member savings accounts;
  • total number of loans processed increased by 85 per cent to 72,933; and,
  • Total volume of loans processed increased by 32 per cent to K93.3 million.
    NCSL paid over K1.8 million in interest to members during the course of 2018 and the net income of K8.4 million is after allowing for this.