Teachers getting K19.6 million bonus for 2018 financial year

A TOTAL of K19.6 million in bonus interest will be paid into the accounts of financial members of the Teachers Savings and Loans Society for the 2018 financial year.
Deputy chairman Sam Nalong said it represented seven per cent crediting rate to be paid to the savings accounts.
“This bonus interest is an addition to interest paid to members’ savings throughout the year totaling of about K7.1 million,” Nalong said.
“This brings the total interest credited to members’ savings accounts in 2018 up to K26.7 million,”he said.
Nalong said the society recorded a reduction in revenue, making a profit of K20.9 million compared to K35.8 million in 2017.
He said the poor result was due to capital loss on equities and the challenging economic environment.
Total assets grew by 10 per cent to K747.9 million and members savings grew by 29 per cent to K371.1 million in 2018.
Group chief executive officer Michael Koisen said they hoped to maintain the seven per cent crediting rate payment for their 56,000 plus members into the future.