The National Cooperative Credit Union (NCCU) is reporting an increase in its membership and total assets for 2017.
This is according to the Board of Directors Report for the year ended December 31, 2017.
“During the year in review, the Society’s membership increased to 46,295 as compared to 43,442 in the previous year, 2016, an increase of 2,853 partly due to the transfer of 1473 members from the Transfer of Assets from the South Eastern Co-operative Credit Union,” the report said. “The Membership Share Capital again showed impressive growth increasing to $5,140,550 from $4,520,450 in the previous year- an increase of$620,100 or 13.72%.”
According to the report, the NCCU’s total assets increased to $588,069,125 as the December 31, 2017, compared to $518,315,849 at the end of the previous year, an increase of $69,753,276.
“The exponential increase is as a direct increase in members’ savings,” the report said.
The Board of Directors and Management have reported that despite the ravages of Hurricane Maria the Credit Union remained strong.
“The Credit Union was on course to celebrate the biggest year since amalgamation in 2010, when the hurricane struck,” the report stated. “Notwithstanding, a significant provision for loan impairment of $3,218,004 was made in preparation for International Financial Reporting Standard IFRS 9. A review of the operating results at the end of August 2017, revealed that the Society surplus of $4,411,494 had surpassed that of 2016 ($4,055,137) reflecting an increase of $356,357 or 8.79%.
The report went on to say that despite the uncertainty and loss of several working days after the storm, there were successes during the year which can be highlighted.
“Like previous years, the loans portfolio grew at a reducing rate, an increase of $8,861,744,” it said.