Firm highlights growth in 2019
THE Nasfund Contributors Savings and Loans Society (NCSL) has declared a 6.7 per cent interest to be credited to members’ accounts for the 2019 financial year.
Chairman Ian Tarutia said they recorded a profit of K12.09 million.
“The highlights for 2019 are positive growth, especially in membership size,” he said.
“The total assets of NCSL increased to about K230.6 million representing a K24.3 per cent increase. “In terms of reserve level, your society is in a very solid position with a level of K15.2 million.”
Tarutia said membership grew to 122,616 members as at the end of last year.
“We have lent out over K111 milion and this represented a growth of 37.2 per cent in terms of our loan portfolio,” he said.
Tarutia said members were beginning to realise the importance of savings.
“Withdrawals across the various accounts reduced by 24 per cent to K50.8 million,” he said.
“It is a positive indicator for us.
“In terms of the total number of loans, we have processed over 109,000 loans or transactions to our members which equated to K122 million.
“NCSL did well in what was again another challenging year for the country and especially our sector.
“The key positive indicator is that we are now seeing an uptake of members realising the importance of savings and parking away some of funds to cover important commitments.
This is a better result compared to what NCSL did in 2018.
“In terms of growth, I am pleased to announce that your NCSL continue to experience growth year-on-year over the last five years.”
General manager Vari Lahui said: “The result that we have recorded is the best we have recorded for NCSL. 2019 was a very good year for NCSL.”