Nasfund Contributors Savings and Loan (ncsl) continues strong income and profitability momentum delivering a healthy crediting rate of 6% to members, despite a challenging economic backdrop. The ncsl Board has approved an interest crediting rate of 6% to ncsl members for the financial year ending 31 December 2022. This equates to K 14.9 million that will be allocated to the savings accounts of over 142,000 members. During 2022 ncsl paid an interim interest of 1.2% to members’ savings, equating to K3million. After statutory reserving of 20%, ncsl will be paying an additional 4.8 % or K 11.9 million in interest to members. This is a total of 6% for the 2022 financial year equating to K 14.9 million in interest on savings for ncsl members. Other highlights for 2022 were: • Total Assets increased by 9.1% to K 312.5 million • Net Asset Value increased by 15.8% to K 38.5 million • Revenue from core business increased by just over 6.6% to K 29.4 million • Total Revenue increased by 8.5% to K 39.5 million. • Net Income increased by 16.4% to K 16.1 million (after expenses including interim Interest Payment to Members and Loan Provisioning) • Sound General Reserves increased by 20.3% to K 24.8 million, • Interim Interest Payments to Members increased by 9.6% to K3.0 million. • Total membership increased by 0.4% to 142,340 members after some internal data cleansing. • Members Savings increased by 8.2 % to K 267.9 million. • Net Loan portfolio increased by 9.6% to K 139.4 million ncsl’s final interest crediting rate of 6.0% is above the average crediting rate of 5.5% paid to members over the last 5 years and is consistent with the Society’s record of providing strong, positive returns on member funds. With steadily increasing membership, ncsl is one of the largest Savings and Loans Societies in Papua New Guinea and the Pacific Region. Although the first quarter of 2023 ended with unplanned disruptions to member services, we are confident that the actions taken have resulted in the best possible outcome for members. In March 2023, ncsl reported a threat to its MIS and took proactive steps to isolate the risk and safeguard member savings. This action was executed successfully, and member’s funds are safe and intact. Some services at branches and the use of the Poro debit card have been temporarily disrupted and ncsl apologises for this inconvenience. We assure members alternate arrangements are in place to enable members to access withdrawals or loans in the interim while we work to restore services at our branches. Ncsl announces K16.1M Profit and Interest Crediting Rate of 6.0%. An extensive remediation exercise is currently underway. Members can be assured that we are taking all necessary measures to ensure this does not happen again. A dedicated call center has been established to ensure that our members are supported as we work towards a full resumption of services. Members are encouraged to contact us on 207 2000 for assistance. The ncsl board assures members that the innovative services ncsl is known for will continue, as we focus on improving product offerings, processes, and customer experience. Chairman Ian Tarutia said, “Our commitment to members is that we are working hard to restore services and we are almost there.” “ncsl remains committed to supporting the aspirations of our members by delivering essential and affordable financial services." "I thank the Chief Executive Officer, Vari Lahui and his hard-working team for consistently delivering strong results for the benefit of our members.” "A total of K14.9 million in interest payments was dispersed to the accounts of over 142,000 members on Friday afternoon."