Another profitable year for NCCU

Individuals on their way to attend NCCU’s AGM  held last Sunday (8th November 2020). Photos by Cecil Clarke

The National Co-operative Credit Union (NCCU) has made a surplus of over $1 million for the fiscal year which ended on December 31, 2019.

The NCCU is reporting that after appropriation of $4,376,559, the net surplus was $1,227,619 or 38.99% more than the previous year’s surplus of $3,148,940.

The NCCU also is reporting assets of 640.9 million,  a growth of 15.1 million or 2.4 percent

Compared with the previous year’s figure of 625.7 million, the financial institution is attributing the growth in 2019 to a 32.1 million or 28.5% increase in investment securities.

Speaking during the institution’s Annual General Meeting (AGM) held recently, President of the NCCU, Josephine Dublin, stated, “the financial year 2019 was both a challenging and exciting year for the credit union. It was a year marked by impressive financial results, increased competition in the market for loans and volatility in the rates of interest on investment instruments.”

As stated in the NCCU’s annual report, growth in member share capital increased by $331, 450.00 in 2019. The membership grew during the year in review to 48,958 from 47,689 in the previous year of 2018.

The rate of member share capital grew to $5,869, 800 compared to $5, 538, 350 in 2018, the highest since the NCCU started operations.

The overall financial performance of the Credit Union remained strong during the year in review. Total Assets grew by $15,161,246 or 2.42%. Growth in originated loans (gross) was $19,427,147 or 4.91% of members’ savings and ordinary deposits which grew by $12,001,138 or 3.22% over the previous year.

Interest Income increased by $4,330,215 or 14.53% and Operating Income increased by $4,570,393 or 24.03% compared to the previous year.

For the year in review, the Society earned income on loans of $30,132,860 compared to $26,709,744 in the previous year, an increase of $3,423,116 or 12.82%. Interest and Investment Income totalled $34,133,225 for the year in review compared to $29,803,010, an increase of $4,330,215 or 14.53% over the previous years.

Despite the challenges and an increasing competitive operating environment for loans, the Society reported growth in Personal loans $101 109 921, mortgage $247 010 750, vehicle $19, 844, 800,  land $24 904, 268, business $17, 382 608 and other loans $4, 812 158.

As reported by the President, the NCCU Ltd. continued to play its role as a social cooperative responsibility  through education, sports, health and community involvement. Donations were granted to individuals and groups totalling $139,848.

During the year in review, the Society awarded sixteen (16) scholarships and expended $67,621 on behalf of students who were successful at the Grade Six (6) National Assessment Examinations.

With the unprecedented pace of change in the operating environment and the opportunities and challenges presented by the COVID 19 pandemic, Dublin noted, “we must remain sustainable and in tune with the competitive landscape, the digital way of doing business and the ever changing expectations of our members.”

The institution vows to  make significant investments in improved technology to provide members with safer, easier and more efficient ways to access services and announced that the issuing of debit cards with chips and contactless features is expected to become a reality within the next six (6) months.

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