FNPF records $359.5million net profit for 2017
16 November, 2017, 4:47 pm
Update: 4:47PM THE Fiji National Provident Fund has recorded a net profit of $359.5million for the 2017 financial year ending June 30 this year.
This represents an increase of 8.4 per cent from the 2016 profit of $331.6m and has been attributed to a strong performance of the Fund’s investment.
Return on investment, net of expenses and after solvency requirement was 6.8 per cent, the FNPF revealed in a statement issued this afternoon.
The Fund said this enabled the Board to declare an interest rate of 6.35 per cent for members, which led to the distribution of $270m to member accounts on June 30 this year.
The Fund also achieved a record contribution collection of $546.2m compared to the $480.6m in 2016.
The hike in contribution collection, the FNPF says is largely attributed to improved compliance, use of the employer portal and increased economic activity.
Total withdrawals stabilised to $280.2m compared with the 2016 figure of $566.1million, which includes the TC Winston assistance of $275.5m.
Total assets grew from $5.1billion to $5.7bn; with total members’ balances at $4.9bn from $4.4bn.
Chief Operating Officer Jaoji Koroi said those results were indicative of FNPF’s commitment to protecting members’ long-term interests.
More details in tomorrow’s edition of The Fiji Times.