2016 was a tough year for NASFUND Contributors Savings and Loan Society (NCSL) after recording slumps in total profit as well as net assets for the 2016 financial year.
This was revealed during NCSL’s Annual General Meeting on Tuesday May 9, 2017 in Port Moresby.
According to performance indicators for last year, the company recorded a drop in Net Profit from K5.6 million in 2015 to K4 million in 2016, as well as a slump in Net Assets to K14.4 million from K15.9 million in 2015.
Despite this, the firm was able to generate a healthy K14.9 million in Total Revenue from K12.5 million.
The revenue composition is made up of income from investments which generated K8.2 million, income from lending contributing K5.5 million and other sources bringing in K1.2 million.
Positives to come from the year include an increase in General Reserves by 7 per cent to K12.2 million, and a rise in Member Savings by 12.9 per cent to K127.2 million, off the back of an increase in membership from 76, 34 to 83, 715.
According to NCSL some of the highlights include:
Member Services
- Successfully acquired new CBS – SaveLoanSmart
- Member / Employer portal
- Expansion to Bialla /Wabag
- Reconfiguration of Lae /Boroko Branches
- Additional officers – Kokopo, Lae, Mt Hagen
- Redeployment of data processing officers to front office
- Commenced monthly interest payments to members
- Enhanced USSD service – loan applications, transfers
- Continued expansion of Value Back Program
- Conducted 292 shop floor presentations (employer visits)
- Member survey
Risk / Processes
- Commenced Internal Audit
- Recruited Risk & Compliance Officer
- BPNG Targeted Onsite Review
- BCP / DRP approved
- Review of Loan Provisioning Methodology
- Ongoing Monthly Risk Management meetings
- Monthly Management reporting to Board
- Regular review of policies / procedures
People
- Independent review of staff remuneration
- Regular employee survey
- Ongoing learning & development – more specialised training
- Monthly Reward & Recognition
- New policies approved - Performance Management policy, HDA,
- As at 31/12/2016, we had 69 NCSL employees right around the country.