Nasfund Contributors Savings and Loan Society (NCSL) successfully held its seventh Annual General Meeting (AGM) on Friday May 27, 2022 at the Hilton Hotel in Port Moresby.
The agenda included Minutes of the sixth AGM, Chairman’s report, Management report, presentation of the 2021 Audited Financial Statements, Appointment of External Auditors, and Remuneration of Board.
ncsl Chief Executive Officer, Vari Lahui, stated that ncsl managed to post very good results for the 2021 financial year despite the challenges presented by COVID-19 and interruptions caused by the relocation of its head office.
“2021 was a challenging year with COVID which restricted movement. Though there was a slowdown in the growth in membership just under 5% increase, there was a steady market growth and ncsl still maintained 25% market share of loans in the Savings and Loans Society Industry,” said Lahui.
The CEO was also pleased to announce the following year on year results;
- Member deposits grew by 12.8% to K248M,
- Net Asset value increased by 13.8% to K33.2 million,
- Total revenue increased by 13.2% to K36.4,
- Net loan portfolio increased by 4.3% to K127.2 million,
- Total number of loans processed increased by 5% to 141,164,
- Total volume of loans processed increased by just under 5% to K129.7M.
- Net Income increased by 4.6% to K13.85 million is after allowing for K2.76 million in interim interest to members during the course of the 2021 financial year.
“The above results, particularly the continued increase in members’ deposits, demonstrate members’ confidence in ncsl looking after their hard earned money,” CEO Lahui said.
Board Chairman, Ian Tarutia said the Board was pleased with the overall results despite the challenging economic environment during the year and ongoing impact of COVID-19.
“ncsl recorded a good all-round performance and the main drivers of profitability and balance sheet growth were due to the increase in the lending portfolio and transaction numbers which resulted in a higher fee income.
“The Society continues to see an increasing number of transactions via its electronic channels, including internet banking, to access products and services and will continue its focus on enhancing these channels to provide a more convenient and user-friendly service to its more than 142,000 members across the nation.
“ncsl continues its focus on growing the electronic banking footprint and will continue investing to upgrade its information technology environment to ensure that its system is able to maintain optimum performance with all transactions performed in a safe environment.
“We have reviewed our recently introduced higher ratio and motor vehicle loans in consultation with Bank of PNG and are confident member uptake of these products will increase this year,” Tarutia said.
The Society has maintained a reputation of delivering sound returns on funds under its management with another record financial result in 2021 and continues to deliver a convenient service for its valued members throughout the country.