The NASFUND Contributors Savings & Loan Society Limited (NCSL) has recorded the best Net Income of K12.09 million during the course of the 2019 financial year.
This also attributed an interest rate of 6.7% (K11.3 million) paid to all NCSL members for the year 2019.
During the firm’s 05th AGM held yesterday, Board Chairman and Chief Executive Officer Vari Lahui presented Reports and the 2019 Audited Financial Statements.
Chairman Tarutia highlighted that the year saw a 37% growth in NCSL’s lending portfolio with the highest ever number of loan applications processed and an increase in the number of members using NCSL’s electronic channels to access products and services.
Other highlights included;
- Total Assets increased by 24% to K230.6 million
- Membership grew by 15.5% to 122,616
- Lowest ever ratio of loan delinquency.
Board Chairman Ian Tarutia says the Board is pleased with the overall results despite the challenging business environment.
NCSL continues to provide attractive savings and loan products that are relevant and affordable to all its members.
It also became the first non-bank to participate in the Retail Electronic Payment System (REPS) enabling the use of the Poro debit card on any commercial bank ATM and EFTPOS terminal.
2019 also saw NCSL revised the Savings and Loan Society Act and successfully obtained its license from the Bank of PNG.
Mr. Tarutia thanked NCSL Management and staff for their hard work and contribution to the 2019 results.
He also thanked valued members for their trust and support.
NCSL is looking to introduce new products during the course of this year which would enable its members’ easy access to its services.