By Our Reporter
The National Social Security Fund (NSSF) has recorded a 23 percent increase in operating profit for half year ending 31st December, 2014 compared to the same period in 2013. This according to the latest transparency statement has been attributed to better returns on investments and better cost management.
NSSF’s profit before interest for the six months increased to Ushs 202 billion up from Ushs 156 billion while total assets grew from Ushs 3.9 trillion to Ushs 4.9 trillion.
The Fund’s Managing Director, Richard Byarugaba attributed the half year performance to improved investment portfolio allocation and improved contributions due to better employer engagement.
“Over the six months up to 31st December 2014, we saw increased interest income boosted by higher returns on our fixed Income investments. Our improved efficiencies and better cost management efforts led to a favorable cost income ratio of 12 percent compared to 15 percent over the same period the previous year,