The National Co-operative Credit Union Limited (NCCU) is reporting that for yet another year it has “exemplified the true spirit of the Credit Union movement” and with utmost resilience continues to serve all members.
When the Society’s membership gathers at the Dominica Public Service Union (DPSU) Hall on Thursday, August 29, 2019 at 5 pm for the 9th Annual General Meeting the Board of Directors will convey its satisfaction with the remarkable progress made in 2018 “following the devastating effects of the weather systems of 2017”.
The membership will learn that their Credit Union’s assets continue to grow climbing to $625.7M as at December 31, 2018 an increase of $37.7M or 6.41% over the previous year 2017.
Other achievements for the NCCU in 2018 were the growth in membership to 47,689, an increase of 1,394, and the increase in Member Share Capital by 7.74%.
Net loans and advances to members increased by $5.29M (gross was $15.04M) to $365.78M following the adoption of International Financial Reporting Standard # 9 (IFRS 9). Overall, “the Loans Portfolio showed positive signs of growth.”
Operating and interest expenses costs were carefully managed during the year and the small increases of 5.72% and 6.91% were as a result of insurance-related expenses and interest paid on homeowners’ insurance settlements.
Total gross revenues declined by $1.23M or 3.85% due to the continued waiver of interest on the loans of members affected by the passage of Hurricane Maria and reduced interest rates on the special Rise & Restore and Cash-Secured loans.
Notwithstanding, the Society recorded a Net Surplus after Appropriation of $3.17M an increase of $322,835 over the 2017 figure of $2.85M.
Sharing our success with our members and communities remained a priority in 2018 in keeping with Cooperative Principle No.7 — Concern for Community and NCCU’s mission “to enhance the quality of life of All“. Fifteen (15) scholarships were awarded to students to attend secondary school and many benevolent causes and community activities were supported.
The NCCU remains a viable, progressive and leading financial cooperative in Dominica and the OECS. Its success is a result of the “‘sustained relationship with our members” and the tremendous contribution of officers and staff.
This article is copyright © 2019 DOM767
