NCCU reports growth

NCCU_logoDespite facing what it called ‘tough economic times’ the National Cooperative Credit Union (NCCU) is reporting growth in membership and its financial performance for the year 2012.

This, as the institution prepares to hold its annual general meeting on Wednesday, May 8, 2013.

The NNCU has released its report for last year and it show that membership grew from 35,167 in 2011 to 36,261 in 2012.

This is a growth of 3.11 percent which the organization says is “a  true reflection of the growing interest in the valuable services provided by the Society.”

In 2012 the Society’s Member Capital was $2,815,050 compared to $2,723,600 in 2011, reflecting an increase of $91,450 or 1,829 additional shares purchased.

“Total share issued and paid up to December 31, 2012 was 56,301,” the report reads.

The NCCU is also reporting growth in terms of its financial performance in 2012 as compared to 2011.

According to the report the Society’s total assests stood at $378,666,950 as of December, 2012 as compared to $355,217,404 at the end of December 2011.

This is a growth of $23,449,456 or 6.6 percent, according to the report.

“Originated loans before provision for loan impairment was $285,223,345 from $259,565,148 in the previous year, an increase of $25,658,196 (9.80 percent),” the report noted. “Despite challenged in the economy, this year’s increase surpassed that of the previous year by $6,326,693.”

The NCCU reports an increase in operational costs from $10,049,289 in 2011 to $10,559,764 in 2012.

The report pointed out that this is an increase of $550,474 or 5.48 percent which the NCCU attributed to “computer services and expenses, general expenses, personal expenses and occupancy expenses.”

The NCCU is now pledging to redouble its efforts in the years ahead to ensure its economic survival. “We are, therefore, exhorted to move into the future with an unwavering determination to develop our Credit Union and Dominica as a whole by improving the delivery of services at an affordable cost, embracy new technology and providing financial services and products at a level which is second to none,” the report vowed.

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11 Comments

  1. DS
    May 8, 2013

    Mr. Irish, is doing a spended job as CEO of NCCU. I’ve known this man for a while now and he is an excellent manager. Keep it up Sir.

    DS

  2. Nmc
    May 7, 2013

    My congratulations to the Board members and Staff of the NCCU for achieving some growth in its operation for the last financial year. The comment made by Taste me Albi is certainly not justified when one considers the NCCU contribution to sports education and community development. The Joeff Robinson Scholarship and the Edward Elwin Scholarship to deserving poor students in Trafalgar, Wotton Waven, Morne Prosper,Belvue Chopin, Pitchlin and Roseau are examples of the NCCU positive contributions to education and social development to Dominica.

    • scouplelsa
      May 8, 2013

      propaganda at it bestestest

  3. westgirl
    May 7, 2013

    I strongly agree. much more charity especially in education should be a major priority.

  4. love
    May 7, 2013

    not growth growing lol :lol: :lol:

  5. Anon
    May 7, 2013

    I wonder about the total deposit liabilities of the NCCU. Anyone got info on this?

    • Anonymous
      May 7, 2013

      check the statement.. It is in the report

  6. Taste me Albi !!!!!
    May 7, 2013

    NCCU was meant to be a poor peoples financial house but things have changed. A lot more needs to be done for the shareholders and staff alike. We are not a bank and the interests rates are too high and also the types of benefits for members are too limited.

    The founders of the Union and Sister Alicia & Elwin must be turning in their graves. The Union doesn’t even do enough for Charitable causes on island. At least they can adopt a home a ward a school a sports club some team etc.
    SH’ SHAME

    • Private
      May 7, 2013

      You are so wrong…where do you live. Sr. Alicia would be proud of how the institution has advanced and worked with new times, investment sectors, the rich, the poor and new technology…what you talking about? If some of you could keep some things exactly as they were formed, you all would do that…wicked!

    • a member
      May 8, 2013

      Well Taste me Albi !!!!! it seems that you just crawled from under a rock where you were sleeping. What about all those scholarships to secondary and college students? What about the centenarian that the NCCU adopted? What about the school reading program? What happen to the contributions to the various sporting institutions in Dominica? There so many more. You do not seem to understand that interest rates need to cover cost – cost of funds, cost of operations etc. NCCU has very comparative interest rates, I don’t see how some of the rates can be any lower, to go lower would be to operate at a loss. What specific benefits are you looking for? Your loan at zero percent interest; or a loan that you do not have to repay? Please try to refrain from making unfounded comments on reports that you do not appear to understand. Because we have a medium to voice our thoughts and opinions let us not do it willy nilly and confirm to the rest of the world that we are dummies in a can.

  7. All the best
    May 7, 2013

    good going folks

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