NCCU reports $6-million surplus; to give back $1-million in rebate to members

Ducreay describes the surplus as a milestone for the NCCU
Ducreay describes the surplus as a milestone for the NCCU

The National Co-operative Credit Union (NCCU) is reporting a $6-million surplus for the 2015 financial year and has decided to give back $1-million as interest rebate in cash to its members.

President of the NCCU, Dexter Ducreay said at a press conference on Tuesday that it was a major milestone for the institution which recorded a surplus of $2.7-million for the 2014 financial year.

“For the financial year 2015, NCCU surplus were over $6 million,” he stated. “This is a major milestone for any indigenous financial institution. We strongly believe as a co-operative we should share with our family, therefore, NCCU has decided to give back $1 million as interest rebate in cash to its members.”

He said the $1-million will be shared “among all members who have paid interest on their allowance in 2015 based on interest paid for that period.”

He indicated that members will be free to spend the funds as they wish.

He revealed that the processing will be done “tonight” and “definitely” will be available by tomorrow (June 15).

Ducreay appealed to all members and prospective members that, “we can only continue to return cash to you if you continue to make NCCU your financial institution of choice.”

Meantime, Chief Executive Officer (CEO) of the NCCU, Aylmer Irish, announced that the society membership grew by 1,341 and assets increased by $32.4 million to $471.2 million in 2015.

“The liabilities also grew by $24 million as members increased their savings and deposits,” he explained.

He noted that the Society’s Interest and Investment income was $31.3 million as compared to $29.9 million in 2014.

“Other income was $1.19 million,” he said.

Aylmer Irish is CEO of the NCCU
Aylmer Irish is CEO of the NCCU

He went on to say that in recent weeks the NCCU have entered into a Strategic Alliance with the Central Cooperative Credit Union to install an ATM at their Portsmouth branch, “which will provide access to all our members and will permit Central Cooperative Credit Union members to use our ATM network which will increase to 10 ATM units very shortly.”

“We are pursuing the transfer of assets and liabilities of the South Eastern Cooperative Credit Union to NCCU, increasing the number of branches to seven,” Irish stated.

He urged members of the NCCU to remain bound to the company’s core beliefs of pooling and sharing resources.

“Let us remember that we are uniting and supporting our Credit Union for our collective good,” he noted.

The society will hold its sixth Annual General Meeting at the Castle Bruce Secondary School on June 26th 2016.

The meeting will begin from 3:00 pm and held under the theme: “Building Communities, Stabilizing the Credit Union Movement and Securing Members Financial Future.”

Copyright 2012 Dominica News Online, DURAVISION INC. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.

Disclaimer: The comments posted do not necessarily reflect the views of DominicaNewsOnline.com and its parent company or any individual staff member. All comments are posted subject to approval by DominicaNewsOnline.com. 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:

  • contain any material which violates or infringes the rights of any person, are defamatory or harassing or are purely ad hominem attacks
  • a reasonable person would consider abusive or profane
  • contain material which violates or encourages others to violate any applicable law
  • promote prejudice or prejudicial 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 off-topic and/or excessively long

See our full comment/user policy/agreement.

27 Comments

  1. GinGer
    June 15, 2016

    and now we can afford more tellers like NBD. They really put us in the shade now. Fill upe the place with tellers. The extra money you will spend will be recovered in less Overtime of the few tellers which you now have

  2. GinGer
    June 15, 2016

    That’s good but i am not happy about the way it was done. We are a credit union family, since when we having press conference for things like that? Not my credit union. When the govt and eccb will take over allyou will see.

  3. chacha
    June 15, 2016

    Very good NCCU…now get a real platform to provide online transactions instead of this old fashion CuCall.

    While I welcome this initiative, we all know that the regulations for credit unions are so much more lax than for banks..pretty soon NCCU will be made to comply…he FSU is watching. NCCU can no longer really be called a “cooperative credit union”.

    My advise;enjoy it while it lasts.

  4. June 15, 2016

    So, if you don’t have a loan you don’t benifit? Members with savings accounts and no loans get nothing. We need to look at who really is benefitting, members with big loans and what position they hold on the board. What is strange is that Mr. Ducreay kept mentioning depositors and what other banks were charging their customers to hold their deposits, but this million dollar give back speaks nothing to this issue.

  5. pope
    June 15, 2016

    thanks i got.

  6. Fly on the wall
    June 15, 2016

    Dominicans this is historic in the making…. Unprecedented… Great and wonderful news…. Never seen before. This must be commended and dissenting voices should be bood and stamped out… Dominicans don’t know what they want.!!! Hmmm

  7. June 14, 2016

    the banks taketh but nccu giveth thank you so very much.

  8. This may be Good News to most people but Sad news to me. NCCU is losing its focus. Their Goal seems geared at devouring all the Credit Unions to become the Largest Credit Union in the Region. It’s only about their ego. I don’t understand with all this surplus they are still short of tellers, making me spend my entire lunch break every time waiting to do a transaction. The Main Branch doubled in size and yet the space where members line up remained the same. At times the line still reaches outside. The layout of the tellers is the most ridiculous I have seen, I have to look all the way north and south to see which teller is available. I could go on and on……… I welcome the idea of giving back but shake up and focus on what’s most important “MEMBERS”. Start by improving on Service Quality and the professionalism of your staff.

    • Favoured
      June 15, 2016

      If you are a member come to the General meeting to express your views to management and the General membership. On the point of egoism I differ. The NCCU is living the economics principles economies of scale and in numbers their is strength. A lot of smaller credit unions are struggling both in terms of management and financial skills. The mergers creates big advantages to members for example you as a member can now almost do business around island and that’s good for the economy. Like u I can go on and on. Contrary to you suggestion I would recommend that Central and West Coast merge with NCCU allowing wider services and advantages to the grassroots and ordinary members.

      • me
        June 15, 2016

        no way CU has gotten too big and lost its way . getting a loan now is like begging

  9. Face th Facts
    June 14, 2016

    This is very generous of you and an excellent incentive to give back to your members. Banks worldwide do not do that. We do hear/read through the Media how much profit they make in our environment. Know that we are not happy to hear of it. Why should we be? Their surplus remains with them as fees and interest increase annually. That will be the day when their customers receive a rebate from them.
    Fellow Dominicans, you note how wise and beneficial it is to be a member of the Credit Union? This occurs when you support your own. As they say, “Buy local.”
    I wish NCCU continued progress and success.

  10. Jr
    June 14, 2016

    Well am buying more shares in nccu with my share of the money . We should suppot those who have our best interest at heart.

  11. June 14, 2016

    Great job, kudos!

  12. Concerned
    June 14, 2016

    Very interesting. Why cant the credit union give back 3 million instead? Or, why cant it just reduce the high interest rates we are paying for the next five years Or better yet, just remove for one year, interest on all loans, especially, education; health related ; agriculture and small business developments and mortgages.

    By the way, I thought things were the worse in Dominica. How people saving like that those days, so much so as to cause concern to the credit union? GOD BLESSING MY COUNTRY BIG TIME!! The figures don’t lie.

    • Jayson
      June 14, 2016

      Take the money they give you and put an additional payment on your loan…that in itself will save you several months of payments….as they said, you can spend it as you want, so use it to shorten the span of your loan.

  13. them
    June 14, 2016

    Why not reduce the interest rate on loans.

  14. only me
    June 14, 2016

    I remembered when Mr.Edward Elwin started us with a little saving plann at Wotton Waven.
    Good Job Credit Union.

  15. Ginger
    June 14, 2016

    How much money i gettin lol just playing very good nccu

  16. AA
    June 14, 2016

    Boy the NCCU is raking in millions in profits whilst the NBD is crumbling with losses. After the dismal review that the regulators gave the NBD on its risk management practices as it relates to the poor state of its credit and investments the NBD needs to look to the NCCU for direction and to build their bank again.

  17. Jayson
    June 14, 2016

    My God! I’m in shock…but in a good way!!

    Excellent! Great initiative of all those concerned!

  18. Joan
    June 14, 2016

    Is that thr interest we are getting from the credit union taking $50.00 from all the members and holding in the bank for over 19 yrs.? just yesterday i had a discussion about it say it was unfair what they did. I need to address Mr Ducreay

  19. Mizz J
    June 14, 2016

    I love you so much. NBD squeezing people so much. It’s nice to get back even if I don’t understand how exactly it works.

  20. Anon
    June 14, 2016

    Now that’s a class organization!
    Hope Domlec doesn’t have an account there, they would want to take it all, gimi gimi gimi gimi..
    I will certainly make NCCU my financial institution of choice.

  21. Rude boy
    June 14, 2016

    Great move by the nccu good job that’s why you’re my bank of choice

    • To Rude Boy
      June 14, 2016

      It\’s a credit union not a bank.

      • Ginger
        June 15, 2016

        Fool

      • me
        June 15, 2016

        but they sure act like they are

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