Additional interest to members for financial year ended 31 December 2016

0
415

The Board of Directors of Teachers Savings and Loan Society (TISA) is pleased to declare a record additional interest credit to its members of K15,178,287 for the financial year ended 31 December 2016.

This reflects a 15.1% increase in additional interest credited to member’s savings accounts compared to last financial year.

This also reflects a 7% savings interest rate, the maximum allowed under the Savings and Society Societies (Amendment Act) 1995.

The interest was paid out from a reserve fund approved by the Board of Directors for the purpose of additional interest to members.

During the financial year K5,286,799 in interest was credited to members savings accounts reflecting an increase of 12.6% compared to last financial year, bringing the total interest credited to members savings accounts to a record K20,465,086.

The Society declared a net operating surplus of K39,646,909 for the financial period reflecting a 298% increase from financial year ended 31 December 2015.

The increase in net surplus represents a 68% increase in total income from K42.5 million in 2015 to K71.6 million in 2016, on the back of a consolidated revenue growth effort of 319% largely driven by our equity and loan book portfolios.

Total assets grew by 9% to K624,255,969 in 2016 from K570,242,357 in 2015.

The financial results reflect a profitable but conservative business.

We acknowledge the support of our members, and are proud of the fact that we are owned by ordinary Papua New Guineans, directed and managed by Papua New Guineans for Papua New Guineans.

We are currently in 17 locations throughout the country and plan to open more branches in 2017.

It is the vision of the Board of Directors to reach out to as many Papua New Guineans as possible in the provision of affordable financial services.

The Board of TISA believes the institution has the potential and capacity to contribute significantly in the finance and banking sector, financial inclusion and wealth creation for Papua New Guineans.

On behalf of the Board and Management of TISA.

(Signed)

Mr Gabriel Tai
(Chairman)

Comments

comments