Kuma commends NPF - Solomon Star News

Kuma commends NPF

01 October 2019

THE Minister for Finance and Treasury Harry Kuma says the Solomon Islands National Provident Fund (SINPF) has done a lot in terms of its financial and operational performance for the year ending 30th June 2019.

Mr Kuma made the acknowledgment on Monday when speaking at the official announcement of the 2019 financial year crediting rate award. About 8.5 % was announced and awarded to all NPF members.

He said some of the key achievements at the end of 30th June 2019 included the Fund’s audited net assets increased to $3.711 billion up from 2018 $3.365 billion.

“This is a strong growth of about 10.2 % on the 2018 level, driven by the Funds’ strong investment growth and expansion,” he said.

He said the Fund during the year also achieved gross revenue of $374.6 million, up by more than 19% from the previous year level of $313.5 million. This represented a 10.7% gross return on the Funds total net assets.

Mr Kuma said the Board recorded a net profit of more than $309 million for the year, an increase of 36% on the previous year level of $226.9 million.

“Total members with credit contribution balances surged to 142,353 up from 136,301 recorded in the previous year with a total contribution balance of $2.98 billion,” he added.

He said NPF has played an important role in the economy in terms of investment, employment and supporting governments interest to continue to support the SINPF in its endeavour to achieve sustainable growth and secure the future of the members.

“With all these good performances, I would like to continue to encourage the Board Management and staff of the Fund to continue the good work of managing the financial affairs of the members,” he added.