Society optimistic of future growth

The National,Thursday June 23rd, 2016

THE Teachers Savings and Loan Society is positive about an improved performance this year despite the depressed state of the economy.
Chairman Gabriel Tai said the society declared a K13 million interest last year for shareholders. It is expecting a similar result this year.
He said the K13 million was the largest declared interest since the inception of the society in 1972.
“We are doing fine. Our investment is at BSP and Credit Corp,” Tai said.
He earlier said the K13 million interest reflected a 14.6 percent increase in additional interest credited to members saving’s account for the last financial year.
“This also reflects a 7  per cent savings interest rate – the maximum allowed under the Savings and Loan Society Amendment Act   1995.”
Tai said the interest had been paid out from a reserve fund approved by the board of directors for the additional interest to members.
“The society made an unaudited operating surplus of K9,648,863 for the financial period reflecting a 25 per cent increase from financial year ended December 31, 2014 where an operating surplus of K7,672,927 was declared,” he said.
Tai said the increase in surplus was  reflective of a 14 per cent increase in total income from K37 million in 2014 to K42 million in 2015. This was on the back of a 50 per cent grown in interest income driven by a 26 per cent growth in TISA’s loan book.