Teachers Savings and Loan Society (TISA) today announced a healthy net profit of K76.49 million and a record balance sheet of K1.17 billion after taxes for the 2022 Financial year.
In an announcement today, Board Chairman for TISA, Gabriel Tai said: “TISA has recorded a positive year of growth in 2022; our profit increased by 24% and our Group Assets up by 28 % compared to 2021 respectively.”
“Key drivers for these being strong income growth, increased savings and deposits, growth in net asset position and loan portfolio.”
“I’m pleased to also announce that the TISA Board has approved an additional interest of 7% which will be credited into all our members Yumi Accounts today for the financial year ending 31 December 2022.
This 7%, equating to K23.50 million, will be paid into members’ Yumi Accounts based on the members’ general savings balances as of 31st December 2022.
“Our members should access the 7% additional interest in their Yumi accounts tomorrow.”
This is the fifth consecutive financial year that TISA has declared and paid out 7% additional interest to its members.
“We are delivering a positive, real rate of return to our members despite the challenging domestic economic and business environment over the last few years.”
The additional interest payout of 7% is in addition to the:
- 2% interest that is credited annually to the members’ General Savings Accounts;
- 2% interest that is credited annually to the members’ Yumi Accounts (Transaction Accounts) and;
- 6% interest that is credited annually to those members who have special savings accounts.
Other Key 2022 Financial Highlights
- Net Loan Portfolio increased to K325.94 million, an increase of 1% from 2021.
- Savings and Deposits increased to K461.07 million, an increase of 13% from 2021.
- Net Assets and Equity steadily grew to K538.85 million, an increase of 16% from 2021.
- Total Income increased to K206.32 million, an increase of 67% from 2021.
- Total Expenses increased to K124.89 million, an increase of 108% from 2021.
2022 has been a good year for TISA and a significant one too - we celebrated our 50 years of operation and the business performed really well.
Today’s results reflect the Board and Management’s continued pursuit of our strategic objectives which include:
- providing affordable financial products and quality customer service;
- pay better returns to mutual shareholders and;
- continuing the evolution of the Society into a stronger and a more relevant organization for the future.
TISA’s 63,000 plus membership is made up of Papua New Guinean mums and dads working mostly in the public sector and their trust in the company over the last 50 years makes it what it is today.
As a business, we have a duty of care to our members, to make sure their savings are safe and that our members benefit from their savings, and today’s announcement reflects this.
These are also exciting times for us as a business – our subsidiary Tisa Community Finance (TCF) was granted the “Approval in Principle” for a banking license application by BPNG in May 2022.
We are making good progress to satisfy the conditions associated with the “Approval in Principle” before being full license to operate as a bank is granted to TCF.
We have made significant investment in acquiring advanced technologies and electronic banking solutions to support the implementation and rollout of our banking and financial services to the unbanked and underbanked population.
We are also excited to join Global Alliance for Banking on Values as an Associate Member.
We have accepted challenge to extend our commitment to support economic resiliency, social empowerment, and environmental regeneration by financing individuals and enterprises involved in productive and sustainable economic activities.
In closing, I would like to take this opportunity to acknowledge and thank my fellow Directors, and the Management and staff of TISA Group for your undivided commitment in delivering a strong 2022 financial performance and serving our members with due care.
I further acknowledge the support of our loyal members, who have been the cornerstone in the growth of this organization over the last 50 years, for placing their trust in the Board and Management of TISA to prudently manage their money and pay better returns to them.
The Board, Management and Staff of TISA Group takes pride in serving our mutual shareholders and we remain resolute to create prosperity and new wealth for our mutual shareholders.