FNPF records significant profit this year
November 22, 2017 12:08 am
The Fiji National Provident Fund has recorded a net profit of three hundred and fifty nine point five million dollars for twelve months ended 30th June 2017.
Board Chair Ajith Kodagoda says it’s another milestone achievement as the net surplus grew by eight point four percent to the net profit.
Kodagoda says the increase in net surplus is a direct result of the 3.5 percent increase in investment income to $341.5 million dollars.
The increase in contributions under the Employer Portal has improved significantly which grew by 13.6 percent surpassing the half a billion dollar mark for the first time.
Kodagoda says this is the fifth consecutive year in which the Fund has increased the interest rates credited to members, standing at 6.35 percent.
He adds this resulted in the distribution of $270 million to member accounts.
In the last five years the fund has credited over one billion dollar as interest to its customers.