Treasurer of the Central Cooperative Credit Union (CCCUL), Cleo Watt, told the 8th Annual General Meeting in Portsmouth on May 27th, 2015 that the leadership and sound management practices of the Board of Directors have once again resulted in a “successful year” for the institution.
“The credit union has been managed in the most prudent and responsible manner always keeping the members best interest in mind while at the same time having to make the most difficult decisions to assure its future financial stability,” Watt said.
According to her, CCCUL experienced a 3.4 percent or $2.80 million increase in aggregate assets, moving to a total of $84.03 million at the end of December 2014.
“The loan portfolio grew by 3.0 percent from $54.04 million the previous year to $55.65 million this year primarily from disbursements for personal and education, mortgage and land loans and additional lines of credit for the CCCU Money Express and the newly introduced Rush Money product,” she stated.
There was growth, she explained, in cash and bank balances of $4.91 million or 57.8 percent which moved from $8.49 million in 2013 to $13.40 million in 2014 all attributed mainly to large deposits by members in the latter part of 2014.
However, while total liabilities stood at $84.16 million, an increase of $5.73 million over the same period last year and despite the growth in members savings of $83.22 million as compared to $77.34 million the previous year a 7.3 percent increase, the CCCUL recorded a deficit of -$2,794,379 in 2014 as compared to a net surplus of $329,264 in 2013.
Watt explained that while the society generated a total income of $6.52 million as compared to $5.96 million in 2013 representing an increase of $555,230 or 9.3 percent, the board had to approve additional provisioning for the “impaired investments with CLICO and BAICO insurance companies currently under judicial management in light of the uncertainty with regard to the realization on maturity of the fixed deposit investments.”
“The Society had realized a net surplus of $1.30 million an increase of $510,948 over the same period last year prior to provisioning for the impaired investments in CLICO and BAICO. Notwithstanding, Central remains financially sound evidenced by growth in the key areas of its operations, coupled with a strong liquidity position and growing membership base,” she stated.
The AGM was held under the theme “Building your economic independence.”
It is owned by dominicans managed by dominicans , this is the best run business on the island we as dominicans should be proud, its a winning model. So you see we can get things done when we put our heads together. Lets do the same with our water and Agriculture . There is always room for improvement. The British had nothing to do with the success of the credit union, we did it all on our own, so we can do things, we have to stop being proffesional beggers.
Oh really, with a negative equity….tell us why bernabe no longer the GM. I am done with cccu
Nccu welcomes all
I am tired of this damn nonsense with my Credit Union. For 5 yrs no dividend? and those who brought us in this pyramid scheme with CLICO still on the Board? If next it remains the same I will be withdrawing whatever I have there