Teachers Savings and Loan Society (TISA) announced a healthy net profit of K76.49 million and a record balance sheet of K1.17billion after taxes for the 2022 Financial year.
Board Chairman Gabriel Tai said TISA has recorded a positive year of growth in 2022, increasing its profit by 24% and Group Assets up to 28% compared to 2021 respectively.
Speaking to media on Thursday 25th May, Board Chairman Gabriel Tai said the key drivers for these were a strong income growth, increased savings and deposits, growth in net asset positon and loan portfolio.
“On behalf of TISA board and management, I am pleased to announce that TISA has achieved a significant milestone in reaching K1.17billion of assets on the balance sheet for the year 2022 Financial year since its humble beginning 50 years, way back in 1972,” Tai said.
Upon this positive outcome, Tai announced that TISA Board has approved an additional interest of 7% which will be credited into all their members Yumi Accounts for the financial year ending 31st December 2022.
He added that these results reflect the Board and Management’s continued pursuit of their strategic objectives which include: * providing affordable financial products and quality customer service; * pay better returns to mutual shareholders and; thirdly, continuing the evolution of the Society into a stronger and a more relevant organization for the future.
“Therefore I am pleased to also announce that the board has decided an additional interest of 7% to be paid to our mutual shareholders. This 7% equating to K23.50million will be paid to members Yumi Accounts based on the members general savings balances as of 31st December 2022,” he said.
The 7% interest is in addition to the:
- 2% interest that is credited to the members’ general savings accounts;
- 2% interest to members Yumi Accounts and;
- 6% int. to those members who have special savings accounts.
Taking the business further, TISA has obtained approval from the Bank of PNG in principle to their banking license application in May 2022.
“We are currently transforming our business to establish a fully- fledged commercial bank through our subsidiary called TISA Community Finance Ltd. So we can serve the unbanked and the underbanked population of whom are our members who reside and serve in communities in the most remote parts of Papua New Guinea,” said Tai.
Other Key 2022 Financial Highlights include: an increase of net loan portfolio to K325.94 million, an increase of 1% from 2021; Savings and Deposits increased to K461.07 million, an increase of 13% from 2021; Net Assets and Equity steadily grew to K538.35 million, an increase of 16% from 2021; Total Income increased to K206.32 million, an increase of 67% from 2021, and total Expenses increased to K124.89million, an increase of 108% from 2021.