NCCU’s main branch in RoseauPresident of the National Cooperative Credit Union (NCCU) Josephine Dublin has said the company’s assets have exceeded half a billion dollars and has labeled 2016 as “a year marked by high liquidity and increasing demand in the sector to provide credit to its members.”
Delivering her address to members at the 7th AGM at the Goodwill Parish Hall in Roseau on June 11, 2017, Dublin stated that the Credit Union continued on its growth path by achieving another milestone in June 2016 when total assets exceeded “the half a billion dollar mark.”
The Society’s performance during the year was once again “very strong, earning income for shareholders despite the reduction in yield in some of its investments,” she stated.
“We are pleased to report that your Society recorded a net surplus after appropriations of $4,263,517 for the year ended December 31, 2016, compared to $4,778,147 for the previous financial year, a decrease of $514,630 or 10.77%,” she said.
She told members, that as at December 31, 2016, assets had increased from $471,206,380 in the previous year to $518,315,849.
“Other key areas of growth were in the membership, by 3,118 partly as a result of the transfer of assets and liabilities from the Castle Bruce Co-operative Credit Union, and the loans portfolio which is the main source of revenue for the Society…the loans portfolio also grew by $21,062,066 or 6.02% – a substantial increase over the growth experienced in the previous year,” Dublin reported.
The Society’s membership grew by 7.73% from 40,324 at the end of 2015 to 43,442 at the end of the year in review. Member Share Capital also grew to $4,520,450 as at December 31, 2016 from $4,070,800 at the end of December 2015.
The NCCU’s operating cost for the year in review was $12,542,086 compared to $11,404,099 in the previous year. Dublin told members that this increase was associated with the introduction of the Unified Model Salary Scales, advertising, publicity and promotions, ATM Services and expenses and Caribbean Credit Card Corporation and Bank Charges.
She also reported an increase in the Loans Portfolio from $21,062,066 or 6.02% – a substantial increase over the growth experienced in the previous year.
“The Society’s performance during the year was once again very strong, earning income for shareholders despite the reduction in yield in some of its investments,” she said.
Five new persons were also elected to the board. Former president Dexter Ducreay returned to the board after a one-year break. The others who were elected as directors are Dr. Damien Dublin, Clement Marcelin, former Manager of the Co-operative Societies League Ltd, Aaron Dalrymple, and Janice Jean-Jacques Thomas.
Dublin also revealed that the South Eastern Credit Union (SECU) is now part of the NCCU family. The SECU serves La-Plaine, Delices and environs.
The AGM was held under the theme “Strengthening families: Paving the way to financial prosperity.”
The NCCU is the largest Credit Union in Dominica with a membership of over 43 thousand.