Savings and loan society records K500,000 profit

The National Business

NAMBAWAN Savings and Loan Society recorded a profit of K533,632 and a net asset value of K10.95 million for last year, chairman John Cholai says.
He said during the annual general meeting in Port Moresby on Friday that the NSLS board was pleased with the result for the members considering the extremely challenging economic conditions the country experienced in the financial year.
“In much of 2021, PNG faced three crises – the Coronavirus (Covid-19) health emergency, an economic contraction, and political uncertainty,” he said.
“The Covid-19 health emergency in particular has had a significant restriction impact in how we pursue our business operations,”
Highlights for 2021 include:

  • A K533,632 profit after tax;
  • INCREASE to 30,241 members (from 26,633 members in 2020);
  • TOTAL of K36.12 million loans to members (K29.56 million in 2020);
  • K83.32 million savings to members (K70.1 million in 2020); and,
  •  K10.95 million in net assets (K12.29 million in 2020).