![]() THE Teachers Savings and Loan Society (Tisa) has made a record net profit of K76.49 million and has a balance record of K1.17 billion after taxes for the 2022 financial year, board chairman Gabriel Tai says. Addressing a media conference in Port Moresby yesterday, Tai said Tisa’s strategic objectives had resulted in a seven per cent interest rate of return paid to its members Yumi accounts, and its transformation to satisfy Bank of PNG’s conditions to become a commercial bank. Additional interest payouts would see two per cent each credited annually to members’ general savings accounts, Yumi accounts and six per cent for members with special savings accounts. Tai said last year’s profit was increase of 24 per cent resulted in strong income growth, increased savings and deposits, growth in net assets positions and loan portfolios which were the key financial highlights for the year.
“This is the fifth conservative financial year Tisa has paid seven per cent additional interest to its members, we are delivering real rate of returns to our members despite the challenging domestic economic and business environment over the last few years,” he said. Tisa’s announcements comes at a time when it is looking to venture into the banking and finance space as stated by Tisa Group chief executive officer Michael Koisen, who added that Tisa’s 18 branches around the country were only second to Bank South Pacific Financial Group Ltd. Tai said the board and management were optimistic about the development and growth potential of Tisa and its contribution to the economy. “We are trying to establish a fully-fledged commercial bank through our subsidiary Tisa Community Finance Ltd so we can serve the unbanked and underbanked population who reside and serve in remote communities in PNG,” he said. Tai added that BPNG had granted them approval in principle last year to obtain a banking licence. The National / PNG Education news Also read Comments are closed.
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