Super happy with performance last financial year

 THE board of Nambawan Super Ltd is pleased with the overall result of the fund for members in the past financial year, chairman Anthony Smare says.

The fund reported a net profit of K338 million with net asset valued at K4.8 billion, representing a growth of 12 per cent.

“It was a solid result for Nambawan Super Limited’s members and enables Nambawan to declare a seven per cent crediting rate, while still retaining K90 million in reserves, so as to protect Nambawan against any challenges 2015 brings,” Smare said.

He noted in Nambawan Super’s annual report for last year that voluntary member contributions had increased by 50 per cent. 

Smare stated that the contributions increased from K24.1 million in the previous year to K36.2 million last year. 

“The encouraging increase in voluntary contributions is helping to boost members account balances, and will certainly go a long way for members who wish to achieve a more comfortable lifestyle when they retire,” he said. 

Chief executive officer Garry Tunstall noted that Nambawan savings and loans membership had increased by 45 per cent compared to previous year.

“Deposits increased from K17.8 million to K23.8 million, and loans increased from K2 million to K4.4 million.”

According to the annual report, 7 per cent interest was credited to members for the past financial year.

Meanwhile, Nambawan Super’s choice super product launched last year had more than 800 members who signed up for it with deposits of more than K385,000 as of last December. 

The product was aimed to enable Papua New Guineans from both formal and informal sectors to save for the future. 

It was aimed to capture small companies that have less than 10 employees.