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CTSL ANNOUNCES CREDITING RATE

Comrade Trustee Services Limited (CTSL), the trustee company of the Defence Force Retirement Benefits Fund (DFRBF), is pleased to announce its financial performance and crediting rate for the 2023 financial year.

Chair of the CTSL Board of Directors, Michelle Hau’ofa, announced a net profit of K48.8 million in 2023 for CTSL, an increase of K33.5 million from 2022.

The K48.8 million kina profit was distributed between the Accumulation account and the Defined Benefits account in a 45/55 allocation respectively resulting in a 7.3% crediting rate for members. Interest was credited to member accounts over the weekend.

CTSL’s net assets are K713.9 million, an increase of K83.6 million from 2022. Ms Hau’ofa was also pleased to announce an increase in reserves from K485,000 in the year prior to K518,000 currently.

“Our Fund is emerging from very challenging times therefore it gives our Directors and I great pleasure to present these results to our members” said Ms Hau’ofa.

“This increase in comprehensive income by 219% and growth of net assets by 13.2% plus an improved reserve position is a testament to the dedication of our entire CTSL team.”

Ms Hau’ofa also thanked the Bank of Papua New Guinea as industry regulator for its continued guidance and support.

“On behalf of CTSL, I also acknowledge and congratulate the excellent financial results by NASFUND and Nambawan Super for their members” said Ms Hau’ofa.

While 2023 proved to be a good year for their members, CTSL cautions that financial performance of the superannuation industry is driven by market and economic conditions both local and global.

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