The National Cooperative Credit Union (NCCU) says the society performed creditably in 2011, despite the prevailing global economic situation.
NCCU President Deter Ducreay told members at the financial institution’s 2nd annual general meeting at the weekend that the NCCU showed positive results with growth in member capital of EC$2.7 million, compared to $2.6 million the previous year.
The increase was put at $95,250.00 (representing 1,905 additional shares purchased).
Ducreay said the total amount of shares issued and paid up is 54,472.
“The Society’s Total Assets stood at $355,217,404.00 as at December 31, 2011, compared to $340,515,482.00 as at December 31, 2010, an increase of $14,701,322.00 (4.32%),” the NCCU president told the Vieille Case-convened AGM.
Ducreay also explained that originated loans before provision surpassed the quarter billion dollar mark increasing to $259,565,148.00 from $240,233,645.00 in the previous year, an increase of $19,331,503.00 (8.05%).
According to the NCCU president, the society earned Gross Revenues of $25.6 million while the interest income generated from the loans portfolio was $20.7 million.
Members welcomed the 6% the society offered as dividends.
I was informed that the NCCU is the most insecure financial organization? How i wished Mr Ducreay had given us an assurnace that is is no so. I am seriously considering closing my Life Savings give me some assurance please.
DNO, what were the expenses? Did the Society report a surplus?
they offered dividends so i’m assuming they reported a surplus
Hope it stays as nccu for i suspect regulations are threatening its mere future hope I am ahead of myself.