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City Pharmacy Limited Partners with Nasfund Contributors Savings & Loans Society to Offer Exclusive Discounts to its Members

City Pharmacy Ltd (CPL) and Nasfund Contributors Savings & Loan Society Ltd (NCSL) have renewed their partnership agreement, solidifying their commitment to providing exclusive benefits to 150,000 active NCSL members. Effective November 15, 2024, this three-year mporo Plus (mPP) Discount Agreement enables NCSL members to enjoy exclusive discounts on select items at City Pharmacy, enhancing access to essential goods and services while supporting member savings.

Under the terms of the agreement, NCSL members will receive a 30% discount on all medical prescriptions and a 10% discount on all purchases at City Pharmacy, with certain exclusions such as digital products, baby formula, and concession lines. The discount program is available at all City Pharmacy outlets nationwide and will continue until either party chooses to terminate the agreement with prior notice.

Mr. Pradeep Panda, Head of Pharmacy at City Pharmacy, shared CPL’s commitment to extending this benefit nationwide. “We aim to be a trusted partner and prefer a more collaborative partnership with all our existing business partners, and this is a step towards that. With CPL’s presence in 19 provinces, this agreement covers all City Pharmacy outlets nationwide. NCSL members in other provinces can simply
walk into any City Pharmacy shop in their province of residence, present their NSCL members ID card, and access the discounts.”

Speaking at the signing, Mr. Frans Kootte, the Chief Executive Officer of NCSL expressed his appreciation. “We are extremely happy and deeply appreciative of the collaboration with City Pharmacy. As a Savings and Loan society, our focus is on supporting the everyday needs of our members and the people of Papua New Guinea. It’s vital that we contribute not only to the financial well-being of our members but also to the overall development of Papua New Guineans.”

This collaboration marks an exciting milestone for CPL and NCSL Savings and Loan as they work together to deliver valuable benefits to NCSL members across the country.

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ncsl announces K16.1M Profit and Interest Crediting Rate of 6.0%

Nasfund Contributors Savings and Loan (ncsl) continues strong income and profitability momentum
delivering a healthy crediting rate of 6% to members, despite a challenging economic backdrop.
The ncsl Board has approved an interest crediting rate of 6% to ncsl members for the financial year
ending 31 December 2022.
This equates to K 14.9 million that will be allocated to the savings accounts of over 142,000 members.
During 2022 ncsl paid an interim interest of 1.2% to members’ savings, equating to K 3 million. After
statutory reserving of 20%, ncsl will be paying an additional 4.8 % or K 11.9 million in interest to members.
This is a total of 6% for the 2022 financial year equating to a total of K 14.9 million interest on savings for
ncsl members.
Other highlights for 2022 were:
* Total Assets increased by 9.1% to K 312.5 million
* Net Asset Value increased by 15.8% to K 38.5 million
* Revenue from core business increased by just over 6.6% to K 29.4 million
* Total Revenue increased by 8.5% to K 39.5 million.
* Net Profit increased by 16.4% to K 16.1 million (after expenses including interim Interest Payment to
Members and Loan Provisioning)
* Sound General Reserves increased by 20.3% to K 24.8 million,
* Interim Interest Payments to Members increased by 9.6% to K3.0 million.
* Total membership increased by 0.4% to 142,340 members
* Members Savings increased by 8.2 % to K 267.9 million.
* Net Loan portfolio increased by 9.6% to K 139.4 million

NCSL’s final interest crediting rate of 6.0% is above the average crediting rate of 5.5% paid to members
over the last 5 years and maintains ncsl’s record of providing strong, positive, and consistent returns on member funds deposited with ncsl. With steadily increasing membership, ncsl is one of the largest
Savings and Loan Societies in Papua New Guinea and the Pacific Region.
NCSL Chairman Mr Tarutia said, “NCSL continues to grow from strength to strength, and remains
committed to supporting the aspirations of our members by delivering essential and affordable financial
services. I thank the Chief Executive Officer, Vari Lahui and his hard-working team for delivering these
strong results over 2022 for the benefit of our members.”

 

AUTHORISED BY IAN A. TARUTIA, OBE

ncsl-annouces-K16.1M-Profit-and-6-Interest-Crediting-Rate

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Media Release (Archives) Public Notice Archives

ncsl announces K16.1M Profit and Interest Crediting Rate of 6.0%

Nasfund Contributors Savings and Loan (ncsl) continues strong income and profitability momentum delivering a healthy crediting rate of 6% to members, despite a challenging economic backdrop. The ncsl Board has approved an interest crediting rate of 6% to ncsl members for the financial year ending 31 December 2022.

This equates to K 14.9 million that will be allocated to the savings accounts of over 142,000 members. During 2022 ncsl paid an interim interest of 1.2% to members’ savings, equating to K 3 million. After statutory reserving of 20%, ncsl will be paying an additional 4.8 % or K 11.9 million in interest to members. This is a total of 6% for the 2022 financial year equating to a total of K 14.9 million interest on savings for ncsl members.

Other highlights for 2022 were:
* Total Assets increased by 9.1% to K 312.5 million
* Net Asset Value increased by 15.8% to K 38.5 million
* Revenue from core business increased by just over 6.6% to K 29.4 million
* Total Revenue increased by 8.5% to K 39.5 million.
* Net Profit increased by 16.4% to K 16.1 million (after expenses including interim Interest Payment to Members and Loan Provisioning)
* Sound General Reserves increased by 20.3% to K 24.8 million,
* Interim Interest Payments to Members increased by 9.6% to K3.0 million.
* Total membership increased by 0.4% to 142,340 members
* Members Savings increased by 8.2 % to K 267.9 million.
* Net Loan portfolio increased by 9.6% to K 139.4 million
NCSL’s final interest crediting rate of 6.0% is above the average crediting rate of 5.5% paid to members over the last 5 years and maintains ncsl’s record of providing strong, positive, and consistent returns on member funds deposited with ncsl. With steadily increasing membership, ncsl is one of the largest Savings and Loan Societies in Papua New Guinea and the Pacific Region.

NCSL Chairman Mr Tarutia said, “NCSL continues to grow from strength to strength, and remains committed to supporting the aspirations of our members by delivering essential and affordable financial services. I thank the Chief Executive Officer, Vari Lahui and his hard-working team for delivering these strong results over 2022 for the benefit of our members.”

AUTHORISED BY

IAN A. TARUTIA, OBE

ncsl-annouces-K16.1M-Profit-and-6-Interest-Crediting-Rate

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