Comrade Trustee Services Limited (CTSL), the trustee company of the Defence Force Retirement Benefits Fund (DFRBF), has announced its financial performance and crediting rate for the 2023 financial year.
CTSL has announced a net profit of K48.8 million for the year of 2023 which is an increase from 2022's net profit of K33.5 million.
Chair of the CTSL Board of Directors, Michelle Hau’ofa, stated that the K48.8 million profit was distributed between the Accumulation account and the Defined Benefits account in a 45/55 allocation respectively resulting in a 7.3 percent crediting rate for members.
Interest was credited to member accounts over the weekend. CTSL’s net assets are K713.9 million, an increase of K83.6 million from 2022.
Hau’ofa was also pleased to announce an increase in reserves from K485,000 in the year before to K518,000 currently.
“Our Fund is emerging from very challenging times therefore it gives our Directors and I great pleasure to present these results to our members.
“We acknowledge the commitment by our CEO Charlie Gilichibi, management and staff. We have gone from an interim Board appointed by the Bank of PNG in February 2023 to the appointment of a permanent Board in August 2023.
“I acknowledge the diligence of our Directors Chetan Chopra, Charles Lee, Vera Raga, Warwick Vele, Colonel Fred Aile and Acting Commander of the PNG Defense Force Commodore Philip Polewara, as we have sought to guide the Fund with a balance of vision and prudence. This increase in comprehensive income by 219 percent and growth of net assets by 13.2 percent plus an improved reserve position is a testament to the dedication of our entire CTSL team,” said Hau’ofa.
She thanked the Bank of Papua New Guinea as the industry regulator for its continued guidance and support and congratulated the excellent financial results of NASFUND and Nambawan Super for their members.
While 2023 proved to be a good year for our members, CTSL cautions that the financial performance of the superannuation industry is driven by market and economic conditions both local and global.