Teachers savings and loan reports positive 2019 results

THE Teachers Savings and Loan Society (Tisa) group reported yet another positive annual result for last year, chairman Gabriel Tai says.
Tai revealed this during the group’s annual general meeting held in Port Moresby on Saturday.
The Tisa board approved an additional interest payment for the 2019 financial year, totalling K24.77 million credited to the members’ Yumi Account.
In total K33.26 million was credited to members’ accounts for the 2019 financial year, inclusive of monthly interest totaling K8.80 million.
Group chief executive Michael Koisen said during his presentation that the society’s financial performance had been strong last year despite global and domestic economic uncertainties.
Koisen said last year the society had its full year of operations under the new Savings and Loan Societies Act 2015 to operate as a company under the Companies Act 1997 to conduct the savings and loan business, in which a licence was granted by the Bank of PNG.
“You as members previously are now recognised as mutual shareholders,” Koisen told members who attended.
With the acquisition of the Police State Savings and Loan (PSSL), Koisen commended all the members for their brave and wholehearted support for the society to takeover PSSL.
“Not only did your support save K54 million of your fellow Papua New Guineans hard earned savings which would have been lost, but they now also benefit from better service, monthly and bonus interest payments they had not received as members of PSSL,” he said.
Tisa worked through the transition and assimilation of the former PSSL balance sheet with Tisa’s balance sheet in 2019 that turned out successful.