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National Education Savings Scheme’s (SSPN) profit in the third-quarter of 2019 rose 25.9 per cent to RM151.50 million from RM120.33 million recorded in the same period a year ago.

KUALA LUMPUR: National Education Savings Scheme’s (SSPN) profit in the third-quarter of 2019 rose 25.9 per cent to RM151.50 million from RM120.33 million recorded in the same period a year ago.

In the first nine-month of 2019, SSPN has a total of RM581.83 million in deposit compared to RM486.92 million over the same period last year.

The deposit was 19.5 per cent or RM94.91 million higher. As of September 2019, the total SSPN deposit was recorded at RM4.65 billion.

PTPTN also expected its overall deposit to increase 15 per cent this year to RM1.30 billion from RM1.13 billion recorded last year.

In a statement released recently, the National Higher Education Fund (PTPTN) said the projection was based on positive performance, underpinned by its continued efforts to promote savings throughout the year via Jelajah SSON, Minggu Menabung and Gerak Gempur Skim Simpanan (2G2S).

Meanwhile, it said the higher deposit projection would be fuelled by higher assessment tax from RM6,000 to RM8,000, announced by the Finance Ministry during the Budget 2019.

SSPN is a saving instrument guaranteed by the government and the syariah-compliant product offers various benefits such as matching grant and takaful protection.

PTPTN said its syariah-compliant investments in the local money market allow the authority to safeguard its principal and providing higher returns.

It said the enhanced PTPTN’s investment strategy that focuses on long-term savings able to reduce the uncertainty in the global equity market.

“In 2018, PTPTN has successfully distributed SSPN’s dividends at a four per cent to 3.52 million account holders with a total of RM118.61 million. Based on the current performance, PTPTN expects to increase or at least maintain its dividend rate,” it said.

As of September 30, 2019, SSPN recorded about 347,709 new accounts openings and expected the number could further grow. Overall, SSPN has a total of 4.26 million SSPN account holders since it was launched in 2004.

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