FNPF announces net profit of $359.5 million for 2017 financial year

Good news for Fiji National Provident Fund members as FNPF has announced a net profit of $359.5 million for the 2017 financial year ended 30th June this year.

This is an increase of 8.4% from the 2016 profit of $331.6 million and has been attributed to a strong performance of the Fund’s investment.

An interest rate of 6.35% for members has been declared, which led to the distribution of $270 million to member accounts on June 30th this year.

In the last five years, FNPF has credited more than $1 billion in interest to members.

The Fund also achieved a record contribution collection of $546.2 million compared with $480.6million in 2016.

FNPF says the hike in contribution collection is largely due to improved compliance, use of the Employer Portal and increased economic activity.

The total FNPF withdrawals stabilized to $280.2 million compared with the 2016 figure of $566.1 million, which included the Cyclone Winston assistance of $275.5 million.

FNPF’s total assets also grew from $5.1 billion to $5.7 billion; with total members’ balances at $4.9 billion from $4.4 billion.

Chief Operating Officer Jaoji Koroi says these results were indicative of FNPF’s commitment to protecting members’ long‑term interests.

FNPF says the last financial year also saw the completion and& opening of the 250‑room Fiji Marriott Resort in Momi Bay, Completion of the new My FNPF Centre on Grieg Street, the shift to the new Members Services Centre in Suva and opening of the Valelevu FNPF Agency.

Koroi says to ensure members continue to be empowered, a Member Advocacy team has been established to increase awareness and member understanding and behaviour towards retirement savings and inculcate a culture of savings.