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NASFUND Profit: Over K220 million made in 2012

NASFUND has announced its 2012 profits.

Following a board meeting that accepted its audited accounts, NASFUND said it made a Net Profit of over two hundred and twenty million kina.

Beard chairman Mel Togolo said 2012 was a year of consolidation, where much focus was on capacity building, strentheningthe management team and realigning functions.

NASFUND’s net profit of K220.8 million in 2012 is significantocompared tothe K 9.4 million losses in 2011.

The fund also recorded Gross Assets of K 2.96 billion, representing a growth of 19.5%.

Net Assets grew by 17% to be at K 2.8 billion. NASFUND had an active membership base of over 172 thousand members… a growth of 8%.

Onthe back ofthe financial performance ofthe year,the Beo Metric Identification system for NASFUND Contributors Savings & Loan Society members was introduced.

The Beard also approverd a crediting rate of 10% to be paid to members. Mr. Togolo said he is sure members will be happy to receive 10% onthe back of 2% paid in 2011.

The Fund has credited members a compound 15% overthe last 10 years and this is reflective ofthe Fund’s long-termInvestment and Risk Management Strategy which ensures consistency in trend of investment returns and payment of interest to members.

Delly Begu, National EMTV News

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