NCCU reports increase in membership, total assets for 2017

NCCU’s main branch in Roseau. File photo

The National Cooperative Credit Union (NCCU) is reporting an increase in its membership and total assets for 2017.

This is according to the Board of Directors Report for the year ended December 31, 2017.

“During the year in review, the Society’s membership increased to 46,295 as compared to 43,442 in the previous year, 2016, an increase of 2,853 partly due to the transfer of 1473 members from the Transfer of Assets from the South Eastern Co-operative Credit Union,” the report said. “The Membership Share Capital again showed impressive growth increasing to $5,140,550 from $4,520,450 in the previous year- an increase of$620,100 or 13.72%.”

According to the report, the NCCU’s total assets increased to $588,069,125 as the December 31, 2017, compared to $518,315,849 at the end of the previous year, an increase of $69,753,276.

“The exponential increase is as a direct increase in members’ savings,” the report said.

The Board of Directors and Management have reported that despite the ravages of Hurricane Maria the Credit Union remained strong.

“The Credit Union was on course to celebrate the biggest year since amalgamation in 2010, when the hurricane struck,” the report stated. “Notwithstanding, a significant provision for loan impairment of $3,218,004 was made in preparation for International Financial Reporting Standard IFRS 9. A review of the operating results at the end of August 2017, revealed that the Society surplus of $4,411,494 had surpassed that of 2016 ($4,055,137) reflecting an increase of $356,357 or 8.79%.

The report went on to say that despite the uncertainty and loss of several working days after the storm, there were successes during the year which can be highlighted.

“Like previous years, the loans portfolio grew at a reducing rate, an increase of $8,861,744,” it said.

Disclaimer: The comments on this page do not necessarily reflect the views of DominicaNewsOnline.com/Duravision Inc. All comments are approved by DominicaNewsOnline.com before they are posted. We never censor based on political or ideological points of view, but we do try to maintain a sensible balance between free speech and responsible moderating.

We will delete comments that:

  • violate or infringe the rights of any person, are defamatory or harassing or include personal attacks
  • are abusive, profane or offensive
  • contain material which violates or encourages others to violate any applicable law
  • promote hatred of any kind
  • refer to people arrested or charged with a crime as though they had been found guilty
  • contain links to "chain letters", pornographic or obscene movies or graphic images
  • are excessively long and off-message

See our full comment/user policy/agreement.

1 Comment

  1. East India Company
    June 22, 2018

    Resilient members :-D

Post a Comment

Your email address will not be published. Required fields are marked *

:) :-D :wink: :( 8-O :lol: :-| :cry: 8) :-? :-P :-x :?: :oops: :twisted: :mrgreen: more »

 characters available