Nambawan Super unveils K263m profit

Source:
The National - Monday, March 28, 2011
BY ANCILLA WRAKUALENAMBAWAN Super Fund has announced a net profit of K263 million for 2010.The fund also disclosed last Friday a 10% interest rate earnings for its members.Chairman Sir Nagora Bogan said: “This is an excellent outcome for members of the fund if we benchmark that against the fund’s long-term overarching strategy to derive interest rate above 2% of the headline inflation.”He said last year’s result was 38% better than the previous year’s performance.Sir Nagora said the outcome had enabled the fund to declare a 10% interest rate which will be credited to member accounts including the Retirement Savings Accounts (RSAs) of retired members.Sir Nagora also said 2010 “was a year of solid results and investment for the future”, positioning NSL for contributing to a sustainable, long-term growth.Meanwhile, national vice-chairman of PNG Teacher’s Association Martin Kenehe, who spoke on behalf of the membership committee, welcomed the good news.He said the members would be happy to hear about the double-digit interest.NSL currently has 124,000 members with the highest average member account balance of more than K26,000.