Society reports K2mil net profit, 17pc growth

THE Nambawan Savings and Loans Society (NSLS) has declared a net profit of K2.05 million for 2019, representing a 17 per cent average growth since 2017.
Chairman John Cholai said during the annual general meeting in Port Moresby yesterday that the society made a K5.53 million in total income boosting the net asset value to K9.9 million last year, despite the tough economic condition. The society has continued to deliver positive financial performance since 2010, when it started.
It also saw a membership growth rate of 21 per cent in the past three years, a 35 per cent increase in members’ deposit from the 2018 figures.
But Cholai said the board would continue on its membership drive in the private and public sectors.
The society now has 22,000 members.
He said the micro, small and medium enterprise (MSME) sector would be the focus.
Cholai said the primary focus of the society was to immediately bring in all public service employees.
“Part of the plan is to target people from the informal sector, including the cash-based micro, small and medium enterprise to drop in their hard-earned cash in an interest-bearing account to give more benefit to their work.”
He said the society would also build its investment portfolio by enhancing investment strategies in collaboration with the Central Bank to maximise returns for it members.