The PNG Power Savings and Loans Society Limited on Saturday 10th June 2023 announced an additional 10 percent declared interest for the 2022 financial year. PPSSLS Board Chairman Mr. Andrew Kavanamur in presenting his report, highlighted the key drivers that enabled the declaration of additional 10 percent interest. “The society recorded a net profit of K2.96 million compared to K2.65 million in 2021, an increase of 11.7 percent.” “Income increased by 7.8 percent interest from K4.98 million in 2021, to K5.37 million in 2022, correspondingly expenditure also increased by 3.8 percent from K2.32 million in 2021 to 2.41 million in 2022.” “In the share market, the Society’s Bank South Pacific share portfolio saw a slight improvement due to share price increase in 2022.” “BSP shares increased from K12.25 in 2021, to K12.41 in 2022, representing an improvement of 16 toea and generating a book value increase of about K255,000.00 from the Society’s K1.5 million shares.” Mr. Kavanamur added that the Society’s Assets grew from K53.9 million in 2021, to 56.5 million in 2022, highlighting an improvement of 4.8 percent. Correspondingly, he pointed out also that the net assets also increase from K29.8 million in 2021 to K31.1 million in 2022, an improvement of 4.3 percent. “The Society’s improvements that were achieved in 2022, is evident of the PPSSLS Board’s commitment to transform the Society in line with its objectives: - Revision of PPSSLS Corporate Governance Framework - Revision of PPSSLS membership policy and, - Development of a new PPSSLS Savings Account Policy Meanwhile, the Deputy Chairman of the PPSSLS Board Mr. Polapan Kilangit, was given the honors by his Chairman Mr. Andrew Kavanamur, to officially make the announcement of the additional 10% interest, during its 34th Annual General Meeting, held at the Gazelle International Hotel conference room in Kokopo, East New Britain province. A total of K2.2m was credited into members’ accounts. Mr. Kilangit said said since 2019 after a declared interest of seven (7) additional interest was paid to the members, the Society continued to see increases in 2020 by eight (8) percent, 2021 with nine (9) percent, and 2022 now declared at 10 percent. Mr. Kilangit said that these increases show prudent management and investment decisions, made by the Board and Management of the Society. PNG Power Savings and Loans Society’s Manager Mr. Eliakim ToBolton was also pleased to announce another successful year for the Society when presenting his reports well. “We have been through many challenges in terms of the membership drive, the pressures of Savings and Loans competitors having direct impact on our membership, yet we have and still maintain our focus to grow the society.” “Growth by increase in membership numbers remains the key to ensuing the Society’s sustainability going forward.” “Whilst PPSSLS continues to generate good financial results, it must continue to push its membership drive a step forward.” “This increase in membership will enable an accelerated increase in capital (savings deposits), which will then allow for new products to be rolled out as planed with the ultimate goal of the Society better developing itself as a more relevant financial vehicle going forward for its members.” Also, during the annual general meeting, the Society also officially launched its new website for its members and others, who are willing to know more about the Society and its products. Members and the public can access it through the link: www.ppssls.com.pg and read more about the Society.