Chairman of the Central Cooperative Credit Union, Murphy Wallace, has reported significant improvement in the organization’s membership and assets over its seven years of existence.
Speaking at the Central Cooperative Credit Union annual general meeting on Wednesday afternoon Wallace explained that despite challenges the organization can still boast of its year end surplus of $784,673, growth in total assets of 6.6 percent or $5.03 million, and growth in total savings and fixed deposits of 5.0 percent or $3.7 million.
“For the year 2013 we saw some growth in our membership by 433 and that is an indication of our members placing their confidence in the Central Cooperative Credit Union and also to this is an endorsement for the services that we provide here at central cooperative credit union,” he said. “Also for the year 2013 Central assets grew by 6.6 percent and management continues in its efforts to reduce our risks and rebuild for a better future.”
He noted further that the Credit Union’s social mission has brought relief to members of the community.
“During the year 2013 Central contributed $17,855 to the development of its members and by extension our community and also at our last annual general meeting central presented donations to schools and other organizations totaling $10,500,” Wallace pointed out. “Central continues to support our students we have twenty scholarships and during the year 2013 we have spent $8,800 on our scholars in secondary schools in the island.”
According to the chairman at the end of 2012 the ratio capital to total assets was 2.13 percent and the the end of 2013 that ratio increased to 3.46 percent which he described as a welcome improvement to meetingt he minimum required standard of 5 percent.
“Not having to increase provisioning this year will allow the Society some much need time to rebuild as we persist on our path to recovery the Board and Management remained very prudent in budgeting and spending during the year.”
Sixteen charitable organizations and schools were also presented with donations worth $16,000 at this year’s general meeting.
The Central Cooperative Credit Union is an amalgamation of the St Alphonsus Credit Union and the Portsmouth Credit Unions.
It was formed on July 2nd, 2007.
thumbs up to the best credit union on the island giving the poor an opportunity to get out of poverty.
Great job and congrats to the Management and Staff
all those financial institution and those utilities company boasting of growth……why would they not think of giving back to the customers they keep squeezing to make all those millions in profit? Please reduce the interest rate!!!!!
the interest rates at the financial institution is just too ridiculous
You have a mortgage for 10years, paying thousands of dollars every month, and 90% of that is only interest….magwasa!!