By MICHELLE AUAMOROMORO
THE NASFUND Contributors Savings and Loan Society (NCSL) recorded K14 Million net profit in 2021, which is a 5% increase from 2020.
NCSL also recorded the highest ever revenue of K36 Million (13% increase) and an increase in its net loans to members (K127.2 Million), total assets (K286.4 Million), net assets (K33.2 Million), general savings (K20.6 Million) and member savings (K247.6 Million).
The reports were presented by the NSCL CEO Vari Lahui during the 7th Annual General Meeting of NSCL on Friday last week.
One of the things that NCSL focused and was membership which they also saw had an increase with the record of over 141, 000.
“Membership increased by 6% with the highest number of loan applications in 2021,” said the Chairman of NSCL Board Ian Tarutia.
“We received over 140, 000 loan applications which was a 5% increase from 2020.
“We are now the largest society in the country today by membership size,” he said.
CEO Lahui said NSCL was able to produce these results despite the challenges that came with them relocating the head office and also the challenges posed by COVID-19.
““We managed to get our services going and had our staff to serve our members during those challenging times,” he said.
Tarutia added that despite the challenges, NSCL had not let down its members in terms of their services and products.
“Since inception in October 2003, we have demonstrated that in good times and not-so-good times, the society has not let the members down,” said Tarutia.
“We are struggling for our members each year and we deliver,” he said.
Meanwhile, NSCL is now looking at reaching out to have members right throughout the country as, according the statistics, 70% of their current members are from Port Moresby and Lae.
“We are looking at reaching out to larger employers and organizations around the country,” said Lahui.
