Posted By Staff Reporter
At its meeting today, the Board of NASFUND Contributors Savings & Loan Society Limited (NCSL) accepted the audited financial accounts for the 2014 financial year.
Board Chairman, Ian Tarutia, on behalf of the Board announced the following results:
• Total Assets increased by 13.8% to K123.6 million compared to 2013.
• Net Asset Value of K15.6 million representing a growth of 11.3 % over 2013 audited results.
• Net Income of K6.5 million representing an increase of over 6.5% on the 2013 audited results.
• Total membership grew by more than 7% to 72,355 during the year.
• Members Savings increased from K94.1 million to K107.2 million representing an increase of just under 14%.
• Payment of just under K47 million in withdrawals on member savings accounts.
• Granted a total of 4,000 loans with a total volume of K38.7M
As a result of the above, the NCSL Board approved an interest crediting rate of 5.5%, equating to around K5.2 million, to be paid to members accounts for the 2014 financial year. This is after allowing for statutory reserving of 20% of the Net Income.
The Society will have over K10.0M in General Reserves in addition to Retained Earnings of just under K7.0M which is a very healthy position
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