President of the Dominica Cooperative Societies League Ltd, Cletus Joseph, has told the League’s 57th AGM that “credit unions once again performed creditably during 2012.”
Joseph was delivering the board of directors report at the League meeting which was held on Saturday April 20, at the Garraway Hotel in Roseau.
He said fixed assets increased marginally by approximately point 25 million to about 19.2 million, while total assets increased by 25.2 million to about 534.4 million, representing a 5 percent increase.
According to the report, the loan portfolio continued to increase by 10.58 million in 2011 to 387.24 million in 2012.
“Members savings and deposits increased by 10.581 million to 334.026 representing a 2 percent increase,” Joseph stated in his report.
Members Share Capital grew by point 277 million to 5.078 million ( a growth of 6 percent) compared to a 4% growth of point 196 million in 2011.
Joseph said that the theme of the meeting, “The vehicle for economic and social development” is a reminder to all volunteers and employees that all efforts must be redoubled to promote the principles of the Movement and to provide improved services and products for the members.
“This theme reminds us of the Movement’s philosophy to improve the social and economic well being of every member, their families, the community and country,” he stated.
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