In an electrifying announcement, the PNG Power Savings and Loans Society Limited has declared an additional 10 percent interest for its members, sparking joy and financial excitement. The society’s remarkable performance in the 2022 financial year has paved the way for this generous reward.
Big Profits and Exciting Growth
Under the leadership of Board Chairman Mr. Andrew Kavanamur, the society proudly reported a net profit increase of 11.7 percent, reaching a staggering K2.96 million. Income soared by 7.8 percent, climbing from K4.98 million to K5.37 million, while expenditures experienced a modest 3.8 percent increase. Furthermore, the Society’s Bank South Pacific share portfolio witnessed a thrilling improvement, resulting in a book value increase of approximately K255,000.00. These impressive figures highlight the society’s robust financial performance.
Board’s Commitment and Society’s Achievements
Mr. Kavanamur emphasized the society’s commitment to transformation, aligning with its objectives and ensuring sustained growth. Notable achievements include the revision of the PPSSLS Corporate Governance Framework, a revamped membership policy, and the development of an innovative Savings Account Policy. With these enhancements in place, the Society experienced an uplifting 4.8 percent growth in assets, reaching K56.5 million in 2022. Net assets also saw a boost of 4.3 percent, reaching K31.1 million. This exceptional progress is a testament to the Board’s dedication and strategic decision-making.
Member Benefits and New Horizons
During the highly anticipated 34th Annual General Meeting, Deputy Chairman Mr. Polapan Kilangit proudly unveiled the extraordinary news of an additional 10% interest. With K2.2 million credited directly into members’ accounts, this remarkable increase showcases the Society’s prudent management and smart investment decisions. Since 2019, the Society has consistently raised the interest rate, starting from 7%, followed by 8% in 2020, 9% in 2021, and now an exciting 10% in 2022. The Society’s commitment to its members’ financial well-being shines through these impressive benefits.
PNG Power Savings and Loans Society’s Manager, Mr. Eliakim ToBolton, echoed the jubilation, highlighting the Society’s achievements and overcoming challenges in the face of fierce competition. With a steadfast focus on expanding membership numbers, the Society aims to secure long-term sustainability. As membership grows, capital (savings deposits) increases, introducing new and exciting financial products. This bold vision positions the Society as a dynamic and relevant financial vehicle for its members’ future endeavors.
The Society also unveiled its sleek and user-friendly website in a digital leap, inviting members and the public to explore its offerings. Visit www.ppssls.com.pg to power up your financial knowledge and discover more about the Society’s products and services.
Experience the thrill of saving and banking with the PNG Power Savings and Loans Society as they energize your financial journey!