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ncsl engages with members in NCD and Morobe

Nasfund Contributors Savings and Loan (ncsl) has hosted members conferences in Lae and Port Moresby last week.

The Port Moresby conference was held on Wednesday the 10th of May at the Hilton Hotel. Participants, comprising of numerous business houses, were addressed by Chairman Ian Tarutia, and Chief Executive Officer Vari Lahui, as well as other senior managers.

Following the conference in Port Moresby, Chairman Tarutia said, “This has been a challenging second quarter in light of recent IT issues. This engagement was very important in that it gave employers an opportunity to speak directly with our team, especially during the Q&A session at the end of our presentations. We were also able to discuss remedial actions currently underway to restore full services for our members, including the important Poro Card service. We shared ncsl’s strong results for 2022, delivering an overall crediting rate of 6% to our members. This is something we are very proud of.”

On Thursday the 11th of May, ncsl held conference in Lae. Members were represented by their employers. The conference was hosted at the Lae International Hotel and was well attended. The ncsl team was led by CEO Vari Lahui, who presented updates on remedial action being taken by ncsl to address issues with the online portal, Poro Card system and USSD service. The 2022 financial results were also shared.

The ncsl team paid a visit to Ramu Agri Industries Limited on Friday the 12th of May. Ramu Agri Industries Ltd, located in the Ramu Valley is part of the New Britain Palm Oil Group, the largest private sector employer in Papua New Guinea with over 24,000 employees.

At all engagements ncsl CEO Vari Lahui was pleased to report consistency in ncsl’s performance with a 5.7% average crediting rate paid to members over the past five years. “Despite challenging economic conditions during the period, we maintained a strong performance record, providing consistent returns to our members. We acknowledge that the last few months have been difficult for our members given IT challenges that have impacted our service offering. We have improved our customer care services with the establishment of a call centre and are monitoring our official social media channels to improve customer experience for our members.”

During each engagement, members were assured that despite the system outage, member funds are safe with most services restored, with access to e-Banking Services back to normal and no impact to the Core Banking System.

ncsl continues to grow from strength to strength and remains committed to supporting the aspirations of members, by delivering essential and affordable financial services.

Pictured below is ncsl Chairman, Ian Tarutia, OBE.

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Media Release Members Update 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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