Despite 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.