Saturday, March 02, 2013

Nasfund announces K220.8 million profit for 2012, 10% to be paid to members

Nasfund voard chairman Mel Togolo announced the results of the fund’s 2012 performance after the board met on Thursday , February 28,  to accept its audited accounts. 

The results of the fund were as follows:

1.       Gross assets of K 2.961 billion representing a growth of 19.5%.
2.       Net assets of K 2.798 billion representing a growth of 17%.
3.       Net Ppofit of K 220.8 million compared to a loss of K 9.4 million in 2011.
4.       Reserves of 1.45 % of net asset value representing K 40.6 million after interest crediting.
5.       Active membership base of 172,190 members representing a growth of 8%.

On the back of the financial performance, the board approved a crediting rate of 10% to be paid to members. Other highlights of the year were;

1.       Active employers grew by 9% from 2107 employers in 2011 to 2296 employers.
2.       500 shop floor presentations to members on superannuation benefits.
3.       Payment of unemployment, housing advance and retirement entitlements to 61,115 members
4.       Take over of the Sios Workers Ritaia Fund
5.       Introduction of bio metric identification system for Nasfund Contributors Savings & Loan Society members.

Mr Togolo said: “2012 was a year of consolidation.

“We embarked on a programme that focused on capacity building, strengthening the management team and realigning our key functionalities to better serve the fund’s growing demands from members and stakeholders. 

“On this note I extend the board’ss appreciation to CEO Ian Tarutia, management and staff for delivering results in another challenging year.

“I am sure members will be happy to receive 10% on the back of 2% paid in 2011.

“The fund has credited members a compound 15% over the last 10 years and this is reflective of the fund’s long-term investment and risk management strategy which ensures consistency in trend of investment returns and payment of interest to members.”

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