The Grand Bay Co-operative Credit Union Ltd. (GBCCU) held its 32nd Annual General Meeting on April 30, 2017 under the theme “Facing the Future Together”.
The President of the Board of Directors Donald Tavernier emphasized that “the society is recovering post-TS Erika, and will continue to work towards strengthening the financial soundness of the Credit Union by offering services that are relevant to the needs of the members.”
The GBCCU has released very positive 2016 year-end figures showing that demand for loans is increasing steadily. The Loans portfolio grew by $3,531,338 or 24.65% in 2016 and now stands at $17,858,120. Lending has been on the rise for five consecutive years and has grown by a whopping 86.31% in total since late 2012. Assets grew by a significant 24.31% and now stands at $22,898,142 while Liabilities stood at $22,118,472.
Membership grew from 3,430 members in 2015 to 3,624 in 2016.
The Society was able to report growth in income of 11.65%.
The AGM approved a dividend of 5%.
The President highlighted that the Board of Directors will continue to place emphasis on growing the society’s capital base, “this year we are able to report growth in member capital of $44,220 or 10.61%. We will continue to encourage potential members to join the GBCCU and to help us solidify our capital base further”
The manager of the GBCCU Mrs. Elsa Pacquette informed that whilst delinquency at the society has decreased from 3.47% in 2015 to 2.72% in 2016, members are encouraged to maintain their commitment to financing their loan obligations on a timely manner so as to maintain the positive trend for the society. She also explained that preparations are already underway for the eventual adoption of the IFRS 9 beginning 2018.
The Keynote speech was delivered by Mr. Phoenix Belfield who is the current manager of the Dominica Co-operative Societies League.
In his delivery, he cautioned that whilst the Credit Union movement has experienced significant growth in its key performance indicators, the resilience of the Credit Union movement will be tested in the coming years.
“We must consolidate our gains and adopt a proactive and strategic approach to the management of our Credit Unions. The movement now accounts for more than 51% of lending in the financial sector and its impact on the economic fabric of Dominica as a strategic financial player will undoubtedly increase over time. By this token, the prudent management and decision making must continue to be the hallmark of how we do business as a movement,” he said.
He underscored the need to remain vigilant amidst calls for increasing regulations of the movement, “the financial landscape of our country and the region is evolving and issues of Anti- Money Laundering, Countering the Financing of Terrorism, the Loss of Corresponding Banking Relationships and Non-Performing Loans have become areas for global concerns-the onus is upon us as a movement to adopt necessary measures to remain compliant.”
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