Tisa: K24m bonus for members

Business

By PETER ESILA
THE Teachers Savings and Loan Society (Tisa) announced yesterday that its 63,000 members have earned a collective 2020 additional bonus interest of more than K24.7 million.Tisa chairman Gabriel Tai with chief executive officer Michael Koisen, said in Port Moresby that this represented seven per cent of the members’ general savings account.The bonus interest is K5,377 more than the 2019 bonus interest which was K24,766,272.The 2018 bonus interest was K19,619,184.Tai said members could immediately access the bonus which was K393 using their Yumi Cards.Members who do not have a Yumi Card are advised to apply for cards at their nearest Tisa branch.About 10 per cent of the members still do not have a Yumi Card.Tai said Tisa declared a net audited profit after tax of K44,943,159 despite the impact of the Covid-19 pandemic. He said this enabled Tisa to reward members with a seven per cent additional bonus interest.“Paying an additional bonus interest is one of the many ways that Tisa demonstrates its appreciation to its members and, therefore, Tisa give back K24,771,649 to its members for the year 2020.”Tan said Tisa’s net loan portfolio had grown to contribute 28 per cent to total asset and 53 per cent of gross revenue contribution. Tisa’s balance sheet at the end of 2020 stood at K986,406,897 of total assets, a growth of 20 per cent from last year.“For the past 11 years (2009 to 2020), Tisa has paid an accumulative bonus of K221 million in earnings to its members,” Tai said.“Following the payout of 2020 bonus interest members savings reached K413 million. “The growth in deposits reflects the trust our members place in Tisa.” “Ten years ago, the members savings was K145 million (2010) and has grown by 184 per cent to K413 million (as of 2020).”

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