Growth at Grand Bay Credit Union

Despite ‘challenging times’ authorities at the Grand Bay Credit Union say the institution saw a 3.24 percent increase in regular savings in 2012 over 2011.

Additionally members deposits grew to 4.78 percent for the same time period.

The figures were revealed a the society’s 28th Annual General Meeting held at the Old Fort, Grand Bay under the theme “Recognizing Contributions, Celebrating Achievements and Reaching Out.”

“We have done and continue to do well despite the trying and challenging time … but you need to note that it is becoming more challenging to manage while we continue to do so in the most prudent way,” Andrew Darroux, president of the Credit Union told the meeting.

He urged members to continue to “transact business with the society.”

“Whatever happens, it’s your society and you need to know that and play your part,” he said.

In its report, the board has pledged to continue its marketing drive in 2013 to increase membership and also improve  the services offered to members.

The society has a current membership of 2,941.

Information presented at the meeting shows that regular savings grew from $9,882,809 in 2011 to $10,202,756 in 2012 an increase of $319,947 or 3.24 percent.

Member deposits grew from $1,821,869 in 2011 to $ 1,909,102 in 2012 an increase of $87,233 or 4.78 percent.

However, the picture is not all rosy as records show that the society’s loan portfolio decreased from $10,016,626 in 2011 to $9,585,210 a drop of $413,416 or 4.30 percent.

Assets dropped from $14,549,714 in 2011 to $14,431,614 in 2012 a decrease of $118,127 or .81 percent.

Member loans accounted for the largest component, $9,585,210 or 66.42 percent of total assets.

Attorney at law Anthony Commodore delivered the feature address at the meeting.