At its meeting today, the Board of NASFUND Contributors Savings & Loan Society Limited (ncsl) considered and accepted the Society’s audited financial accounts for the 2021 financial year. Chairman, Ian Tarutia, on behalf of the Board, announced the following results: • Total Assets increased by 11.5% to K286.4 million • Net Asset Value increased by 13.8% to K33.2 million • Sound General Reserves at K19.2 million, increasing by 8.1% • Revenue from core business increased by just under 13% to K31.0 million • Total Revenue increased by 13.2% to K36.4M • Operating Expenses (excluding Interim Interest Payment to Members and Loan Provisioning) increased by 2.7% to K16.3 million. • Interim Interest Payments to Members increased by 10.5% to K2.7 million. • Loan Provisioning Charge and Debt Write-Offs increased to K3.5M mainly as a result of addressing legacy delinquent loan accounts. • Net Income increased by 4.6% to K13.8 million (after expenses including interim Interest Payment to Members and Loan Provisioning) • Total membership increased by 5.9% to 141,786 members. • Members Savings increased by 12.8% to K247.6 million. • Net Loan portfolio increased by 4.3% to K127.2 million • Total number of loans processed increased by 5% to 141,164 • Total volume of loans processed increased by just under 5% to K129.7M. Net Income of K13.85 million is after allowing for K2.76 million in interim interest to members during the course of the 2021 financial year. After statutory reserving of 20%, ncsl will pay an additional K10.87 million to members. This brings a total of K13.6 million or 6.0% paid to ncsl members for the 2021 financial year. Ncsl’s declared interest crediting rate of 6.0% is above the average crediting rate of 5.5% paid to members over the last 5 years. The result also maintains the wonderful record of healthy returns on members’ funds deposited with ncsl.