NCCU Generates Over $1 Million Profit, Declares $640 Million Assets
The National Cooperative Credit Union (NCCU) has delcared a profit of $1,227,619 and an asset base of $640.9 million for the year ended December 31, 2019. The cooperative society disclosed that the profit represented an increase of 38.99% over 2018’s profits declaration, and the reported assets represented a growth of $15.1 or 2.4% over the previous year’s assets.
The NCCU believes the newly generated profits and assets are attributable to an increase of $32.1 million or 28.5% in investment securities over that of the previous year which was $625.7 million.
NCCU President Josephine Dublin stated at the cooperative’s AGM that “the financial year 2019 was both a challenging and exciting year for the credit union. It was a year marked by impressive financial results, increased competition in the market for loans and volatility in the rates of interest on investment instruments.”
Meanwhile, NCCU membership increased from 47,689 in 2018 to 48,958 in 2019 and the share capital for members surged to $331,450 by the 2019 fiscal year-end. The financial society also reported an increase in the areas of personal loans ($101 109 921), mortgage ($247, 010, 750), vehicle ($19, 844, 800), land ($24, 904, 268), business ($17, 382, 608) and other loans ($4, 812, 158).
A total $139,848 was donated to individuals and groups within the year under review, and the NCCU said they remain committed to other cooperative social responsibility in the areas of education, sports, health, and community involvement. Meanwhile, a total of 16 scholarship awards were given to successful students at the G6NA examinations, and $67,621 expended on the students within the year in review.
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