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Port Moresby
February 18, 2020
Business Featured Finance News

Members of Nambawan Super to enjoy 9% Interest on their savings

Image: Nambawan Super staff at the announcement 

Nambawan Super has announced a profit of K404 million for 2016.

Members of Nambawan Super will enjoy a 9% interest applied to their balances as early as next week.

Board Chairman, Anthony Smare, said the board was happy to make this announcement of increased profit, despite the challenging economic conditions of 2016.

Representatives of members of Nambawan Super gathered at the NSL Boardroom in Port Moresby for the announcement of its 2016 Financial Results.

NSL Board Chairman, Anthony Smare, said the anticipation from members was larger because of the tough economic conditions felt over the past four years.

The K404 million is a 44% increase in profit from the K280 million in 2015. The strong profit has been attributed to prudent careful management of investments, good governance and strong focus on realised gains.

Nambawan Super has achieved a total profit of K1.4 billion over the last four years, growing the fund from K3.7 billion in 2012 to K5.8 billion in net assets today. The fund has paid 8.2% interest return to members against a 6% average inflation over the last four years. This has given the members nothing less than confidence in the fund.

Nambawan Super is the country’s largest superannuation fund with over 164,000 members. Mr. Smare said the fund will introduce new initiatives over the next 12 months for the continued benefit of its ever-growing membership base.

 

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