NCCU total assets exceed half a billion dollars

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.

Some of those who attended the AGM on Sunday

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20 Comments

  1. whifer
    June 14, 2017

    Please stop discussing members accounts Nccu Branches Please, you all are lacking confidentiality.

  2. Whiteboi
    June 13, 2017

    Péyi Bel Boi..
    The Haves got more a d the Have nots less…..the gap is spreading between the rich and the poor in Dominica.
    Thank God we have this Labour Party to give us our sewo…..We doh have no jobs and the youth dem leaving in droves because dem can’t find no job, but we have our master DR. Skerrit the Punjabi Doctor…

  3. Dorival John
    June 13, 2017

    The writer of this article left out an important part of the speech given by the president of the NCCU. She said the delinquency continues to plague the NCCU. This means a lot of people are finding it difficult to repay their loans. Many people are not repaying loans, because they simple cannot afford to do so.

  4. Joel Murray
    June 13, 2017

    and nccu need to check some of their members they are discussing peoples accounts.

    • Joel Murray
      June 13, 2017

      employees*

  5. Let The Truth Be Known - Original
    June 12, 2017

    Generosity has helped. The more you give, the more you get and prosper.

  6. Tj
    June 12, 2017

    Congratulations!

  7. time
    June 12, 2017

    But for a crashing economy,nobody is employed,nobody dho hav money to eat,no agriculture people runing ,,dats why people just dont follow uwp,,

  8. NUWP
    June 12, 2017

    Yet still Dominica going bankrupt???

    lennox them still cannot see although it in their eyes.

    GO PM GO. DOMINICA IS DOING WELL

    • Just Me
      June 12, 2017

      boss hol ur tail there. that have anything to do with the shameful labour government???

    • My Name
      June 13, 2017

      Dumb Comment….It never occur to you that it could be that more people are relying on loans to meet certain expenses that they should be able to meet with their salaries.

    • Dorival John
      June 13, 2017

      Dominica is doing well when delinquency is plaguing the NCCU? The writer of the article did not mention that part but the president said that in her speech. Many people are having a rough time repaying their loans, hence the high level of delinquency. Dominica is not doing well as you are suggesting.

  9. sassy
    June 12, 2017

    and NCCU reduces the interest on Member Retirement Account from 6% to 4% and they are making a large profit. Secondly, I hope the members will get something good in dividends.

  10. done&done
    June 12, 2017

    Most Dominicans are afraid to touch their money in the banks; Living like paupers while the bourgeoisie are loaning it from the Bank to do business and to live large. :twisted:

  11. done&done
    June 12, 2017

    3/4 Billion? When I pull out my savings it will be left with $400,000,000.00.

  12. Jayson
    June 12, 2017

    Ease up on those mortgage interest rates!!! It is not a commercial bank!!!

    • hhhhhhhhhhhhh
      June 13, 2017

      I know right.

    • bugsy
      June 13, 2017

      if the writer of the article researched some more they would have heard that the mortgage rates have been reduced from 7% to 6.5%

  13. June 12, 2017

    Money flowing boy

  14. June 12, 2017

    Congrats to the NCCU for this record and to the SECU for joining the family. To the new board members, I wish you well and may you work to your full potential of keeping the NCCU strong and prosperous!

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