Tisa members receive 7pc credit for 2016

THE Teachers Savings and Loans Society has announced a 7 per cent credit to its members’ accounts for the 2016 financial year.
Society chairman Gabriel Tai (pictured), said it reflected a 15.1 per cent increase in additional interest credited to members’ savings accounts compared to the previous financial year.
“The board of directors of the Teachers Savings and Loans Society Limited (Tisa) is pleased to declare a record additional interest credit to members of K15,178,287 for the financial year ending 31 Dec 2016.
“This also reflects a 7 per cent interest rate, the maximum allowed under the Savings and Loans Society amended Act of 1995.”
He said the society declared a net operating surplus of K39,646,909 for the financial period, reflecting a 298 per cent increase from the 2015 financial year.
“This increase in net surplus reflects a 68 per cent increase in total income from K42.5 million in 2015 to K71.6 million in 2016,” Tai said.
“On the back of a consolidated revenue growth efforts from 319 per cent largely driven by our equity and loan book portfolios. Total assets grew by 9 per cent to K624, 255, 969 in 2016 from K570, 242, 357 in 2015. The financial results reflect a profitable but conservative business. We acknowledge the support from our members nationwide and I’m proud that we are owned by ordinary Papua New Guineans.”