NSLS makes K2million profit

NAMBAWAN and Loan Society Ltd (NSLS) has announced a net profit of K2.3 million in the 2018 financial year.
NSLS’s accountant Alex Lazarus made the announcement at the society’s 2019 annual general meeting yesterday.
“The net profit after tax for the year which ended on Dec 31, 2018, is K2.35 million compared to 2017 which was K1.71 million,” he said.
Lazarus said the society’s financial position, in terms of its value, had also improved as a result of the society’s net assets increasing in 2018.
“In 2018, we had K7.85 million sitting in net assets for the society compared to 2017 which was K5.7 million.”
Senior loans officer Jane Frank said that membership, savings and loan deposits in 2018 increased compared to the 2017.
“Membership went up in 2018 by 1,981 members which is an 11 percent growth from 2017,” she said.
“We had 92 employer groups contributing to Nambawan Savings and Loan Society in 2018 and our target for this year (2019) is 25,000 members.
“There has also been an increase in member savings to K9.6 million which is a 22 per cent increase from 2017. Our target is K56 million for this year.
“Our loans portfolio has also increased by 42 per cent from 2017 which is an increase of K5.6 million in 2018.”
General manager Gedisa Igah said that the members should be comfortable with the society because it is growing.
“The society is strong and is moving in terms of the profitability and the asset base of the society,” Igah said.
“For that to happen, there are activities that surrounds us getting to where we are and that involves the core functions of the society.
“We receive money from our members and where there are access funds, we invest to make sure that we make some money that will grow into the society.”
Nambawan Savings and Loan Society Ltd has also announced the appointment of Kuna Taberia Kiruwi Accountants and Advisors as the society’s new auditor taking over from PriceWaterhouseCoopers.