Defence Minister Datuk Seri Hishammuddin Tun Hussein said he was very pleased with the LTAT Group's commendable results during the year.
KUALA LUMPUR: Lembaga Tabung Angkatan Tentera (LTAT) posted a 12.1% increase in its unaudited net profit of RM667.1mil for the financial year ended Dec 31, 2017.
The Armed Forces Fund Board said on Thursday this was a substantial increase compared with RM595mil in FY16.
Due to the improved profit, LTAT declared dividends and bonuses totalling 12.5% comprising of 6% dividend and 6.5% special bonus in the form of unit trusts for active members as at Dec 31, 2017.
“This year’s dividend of 12.5% is higher than the average yearly dividend and bonuses paid out since the establishment of LTAT 45 years ago of 11.3% per annum,” it said.
The superannuation fund's total assets increased by 4.2% to RM10bil from RM9.6bil in FY16. Members’ contribution improved to RM8.8bil from RM8.6bil in FY2016.
Defence Minister Datuk Seri Hishammuddin Tun Hussein said he was very pleased with the LTAT Group's commendable results during the year.
“I am very pleased with their performance and am confident that they will continue to reach new heights of excellence for the benefit of serving and retired members of the Armed Forces.”
LTAT processed 8,139 withdrawal applications from its members in 2017, upon completion of their service with the Armed Forces amounting to RM1.2bil.
Additionally, 2,401 members who were eligible to purchase a house or land were paid RM20.1mil as part of the Housing Withdrawal Scheme.
As part of the death and disablement benefits scheme, RM6mil was paid out to 183 members or next-of-kin.
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