NCCU Reports Strong Growth Amid Challenges, Announces Plans for Enhanced Member Services
The National Co-operative Credit Union (NCCU) is celebrating its financial resilience and strategic achievements, as reported at its 13th Annual General Meeting held recently at the Goodwill Parish Hall. Treasurer McDowill Paul revealed a net surplus of $4.6 million for 2022, reflecting an impressive growth of $46.9 million in assets despite challenges such as the ongoing COVID-19 pandemic and global economic turmoil following Russia’s invasion of Ukraine.
The treasurer also highlighted that the institution’s assets grew by 6.83%, increasing from $693.1 million in 2021 to $740.5 million in 2022, marking the largest growth in the past five years. This significant upturn was driven by a rise in cash deposits due to the foreclosure of another financial institution in Dominica. Paul also emphasized the expansion of the credit union’s lending products, which boosted its loans portfolio by $30.0 million or 7.05%, exceeding management’s strategic goal.
Amid these positive financial indicators, the NCCU’s delinquency rate slightly declined in 2022. However, members were urged to prioritize loan repayments to ensure the institution’s effective operation. Despite a closing rate of 13.42% as of December 31, 2022, the NCCU maintains a target rate of 5.0% as per the PEARLS rating system.
President of the NCCU, Euan James, announced the institution’s strategic focus on four pillars: excellent member services, loan growth, delinquency management, and diversification of income streams. The plan includes redesigning all branches for enhanced service experience, establishing a member care centre, and developing a “virtual branch” to allow transactions from the comfort of members’ homes.
The NCCU also aims to introduce a drive-through service and a corporate branch for its business members. Moreover, they are seeking to cooperate with regional credit unions to extend services across the Caribbean, emphasizing the theme of their 13th Annual General Meeting – “Facing the Future Together … Your Community Financial Partner”.
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