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NSSF five year performance review

Income Statement
Five year performance review Actual 20/21 Ushs. Billion Actual 21/22 Ushs. Billion Actual 22/23 Ushs. Billion Actual 23/24 Ushs. Billion Actual 24/25 Ushs. Billion Budget 24/25 Ushs. Billion Actual 24/25 vs Actual 23/24 Var % Actual 24/25 vs Budget 24/25 Var % CAGR (20/21–24/25)
Total Income 1,837 1,776 1,158 3,180 3,515 3,187 11% 10% 18%
Total Revenue (Core) 1,696 1,912 2,201 2,529 3,133 2,687 24% 17% 17%
Total Cost* 164 203 191 222 230 256 4% -10% 9%
Profit Before Interest & Tax 1,672 1,573 968 2,958 3,284 2,931 11% 12% 18%
Profit After Tax 1,505 1,393 774 2,742 3,042 2,689 11% 13% 19%

Total Costs (Operating Expenditure)* Operating expenses represent costs incurred to support income generation for the Fund. Major categories include staff costs, equipment costs, costs associated with Fund Premises and other costs. These have grown at a CAGR of 9% over the past 5 years in line with the fund's initiatives expected to deliver the target values and activities.

Financial Position (UGX’ Bn)
Five year performance review Actual 20/21 Ushs. Billion Actual 21/22 Ushs. Billion Actual 22/23 Ushs. Billion Actual 23/24 Ushs. Billion Actual 24/25 Ushs. Billion Budget 24/25 Ushs. Billion Actual 24/25 vs Actual 23/24 Var % Actual 24/25 vs Budget 24/25 Var % CAGR (20/21–24/25)
Total Assets 15,559 17,255 18,560 22,133 26,010 25,416 17.5% 2% 14%
Fixed Income Investments 11,773 13,061 14,340 17,293 20,523 19,473 19% 5% 15%
Equity Investments 2,378 2,607 2,370 2,924 3,402 3,951 16% -9% 9%
Real Estate 1,142 1,173 1,303 1,538 1,604 1,750 4% -8% 9%
Total Investments 15,292 16,842 18,013 21,754 25,529 25,174 17% 1% 14%
Accumulated Members' Funds 15,299 16,962 19,068 21,950 25,547 24,887 16% 3% 14%

Financial Performance (%)
Five year performance review Actual 20/21 Ushs. Billion Actual 21/22 Ushs. Billion Actual 22/23 Ushs. Billion Actual 23/24 Ushs. Billion Actual 24/25 Ushs. Billion Budget 24/25 Ushs. Billion Actual 24/25 vs Actual 23/24 Var % Actual 24/25 vs Budget 24/25 Var % CAGR (20/21–24/25)
Realised Return on Average Investment (%) 11.9% 11.9% 12.6% 14.4% 13.5% 10.7% -6% 27% N/A
Cost Income Ratio (%) 8.95% 11.44% 16.45% 9.59% 7.97% 8.03% 16.9% 1% N/A
Cost of Administration (%) 1.06% 1.18% 1.03% 1.00% 0.89% 1.04% 12% 15% N/A

Member's Fund Statistics (UGX 'M)
Five year performance review Actual 20/21 Actual 21/22 Actual 22/23 Actual 23/24 Actual 24/25 Budget 24/25 Actual 24/25 vs Actual 23/24 Var % Actual 24/25 vs Budget 24/25 Var % CAGR (20/21–24/25)
Contributions Collected 1,367 1,486 1,717 1,932 2,128 2.100 10% 1% 12%
Benefits Paid 642 1,189 1,199 1,121 1,323 1,314 -18% -1% 20%

Member's Fund Statistics
Five year performance review Actual 20/21 Actual 21/22 Actual 22/23 Actual 23/24 Actual 24/25 Budget 24/25 Actual 24/25 vs Actual 23/24 Var % Actual 24/25 vs Budget 24/25 Var % CAGR (20/21–24/25)
Interest Credited to members*** 1,516 1,380 1,584 2,073 2,797 2,080 35% 34% 17%
Interest Declared (%) 12.15% 9.65% 10.00% 11.50% 13.5% 10.01% 0% 15% N/A
Compliance Level (%) 51% 55% 57% 57% 52% 60% -9% -13% N/A
Benefits Processing Time (Days) 8 11 12 10.1 5.6 7 -45% -20% N/A

***Interest Credited to members** Interest credited to members has grown by a CAGR of 16% in the past five years due to continued exceptional performance posted by the Fund. The rates declared have consistently surpassed the 10-year average inflation threshold.

Customer Satisfaction Rate (%)
Five year performance review Actual 20/21 Ushs. Billion Actual 21/22 Ushs. Billion Actual 22/23 Ushs. Billion Actual 23/24 Ushs. Billion Actual 24/25 Ushs. Billion Budget 24/25 Ushs. Billion Actual 24/25 vs Actual 23/24 Var % Actual 24/25 vs Budget 24/25 Var % CAGR (20/21–24/25)
Internal Customers (Staff) 94% 93% 86% 89% 91% 91% -4% -5% N/A
External Customers (Members) 86% 86% 88% 87% 88% 91% 1% -3% N/A
Business model
40 YEARS OF BUILDING THE FUTURE: POWERING GROWTH, EMPOWERING GENERATIONS