The 50,000 strong members of the Teachers Savings and Loans Society (TISA) are to be paid an additional interest.
This additional interest is for the financial year which ended on December 31, 2016.
In making the announcement at TISA headquarters in Port Moresby on Friday, March 24, Chairman of Tisa Gabriel Tai said a record total of K15, 178,287 was declared and would be credited to its members.
“The Board of Directors of Teachers Savings and Loans Society Limited is pleased to declare a record additional interest credit to its members of K15, 178,287 for the financial year ended December 31, 2016.
“This reflects a 15.5 per cent increase in additional interest credited to member’s savings accounts compared to last financial year.”
“This also represents a 7 percent savings interest rate, the maximum allowed under the Savings and Loans Societies (Amendment Act) 1995.”
Tai who made the announcement with two other board members and the TISA CEO, Michael Koisen, said this interest was paid from a reserve fund approved by the board of directors for the purpose of additional interest to members.
Tai said however, that during the financial year, 5,286,799 in interest was credited to members savings account reflecting and interest of 12.6 per cent compared to last financial year bringing the total interest credited to members accounts to a record K20,465,086.
The chairman also announced a net operating surplus of K39, 646,909, for the financial period reflecting a 298 percent from financial year ended December 31, 2015.
The members’ accounts will be credited starting next week.
Picture: From right; TISA Chief Executive Officer Michael Koisen, Chairman Gabriel Tai and two board members. Picture by Alfred Kaniniba