For yet another year, the National Co-operative Credit Union Limited is reporting that its cooperative model has helped it turn in a commendable financial showing notwithstanding the economic challenges. The Society realized sound growth and increased market share at the end of 2014.
Our loan portfolio growth was impressive in 2014 despite the prevailing economic conditions and a competitive market. The portfolio recorded net loan growth of 7.57% or $23.2M resulting in a net portfolio balance of $315M at year end. Loan growth was fully funded by member deposits which grew by $27.3M or 7.59%.
Other achievements for the financial year include a notable increase in the Society’s membership. We welcomed over 1400 new members, and membership increased by 3.75% to 38,983. NCCU’s assets climbed to $438.8M, up 7.39 % or $30.2M from 2013, fueled by the growth of the loan portfolio and physical assets. Member Share Capital recorded remarkable growth of 16.48% or $523,800. Net surplus for the year was steady at $2.1M.
Sharing our success with our members and communities remained a priority in 2014 in keeping with Cooperative Principle No.7 — Concern for Community. Fifteen scholarships were awarded and a large number of activities, needs and causes were supported with significant assistance provided for medical care.
NCCU recognizes that it remains a very strong institution based on the loyal patronage of its valued members. We are indeed grateful for their trust and loyalty.
Credit union is the people’s bank .. Excellent interest rates , and savings plan’s ..trustworthy and a group of understanding persons … so this is awesome news for them … Great job
Great board of directors, well managed, and well operated. Congratulations. Now, if “Crapeau Bank” could only follow your example.
This is a business model that works without the world bank telling us what to do. We did all by our selves duplicate that model every where. When we elect a government when we go to village meeting we have to tell them what they have to do to grow the economy not go and beg. If we don’t do something we will remain the poorest country on earth. All Africans blue fighting red over nothing so we can never keep our eyes on the prize which is how do we get out of politics. We need help where is our smart people to teach us. All they no is to divide us and keep us making noise with each other and beg and sing gor our supper.
that is indeed a true success story for Dominica, considering a lot of seeds were planted in the past and many did not germinate because of the stony ground environment, attitude and mentality which enterprising people sometimes face in this country