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By Claire Mauta

Nasfund Contributors Savings and Loan Society (NCSL) CEO, Frans Kootte revealed the 2023 Financial Year results to the members and announced a net profit of K9.7 million for the 2023 financial year.

He highlighted that every year about 70% of NCSL’s net profit flows back to the members who are NCSL’s shareholders. This year the return was 2.95% extra interest on each savings account.

The CEO also gave updates on the implementation of a new core banking system.

He highlighted that, the Board’s decision to procure this new system is expected to go live in quarter 4 this year.

He said, the implementation of the new core banking system, will further enhance control and processes, support NCSL in managing growing portfolio and continue to be innovative and responsive, while offering quality products and services at competitive rates.

He made these remarks during NCSL’s 9th Annual General Meeting at the Crown Hotel in Port Moresby recently.

The annual event is when the Society updates its shareholders or contributing members on the financial performance, distribution of profits and operation and management of the organization.

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