NCCU makes $2M surplus for 2013

NCCU members at their 4th AGM at Morne Jaune
NCCU members at their 4th AGM at Morne Jaune

The National Cooperative Credit Union( NCCU) has made a net surplus of over $2 million for 2013.

The Board of Directors report which was presented at the institution’s 4th AGM held at the Morne Jaune primary school on Sunday, stated that despite the impairment provision for investments and loans, an operating surplus of $6,662,977.00 was registered.

After allocations for the payment of dividends to members, the net surplus for the year amounted to $2,693,256.

The Board, in its report. told members that “the Society is properly managed” and continues to record significant growth. 

“Amidst the persistent negative impact of the global recession,  your Board was able to face the challenges with a resolve to ensure the continued success of the Society, ” the report stated.

NCCU showed growth in gross interest income on loans wbich grew to $28,370,374, an increase of $1,666,475 (6.24%) over the previous year. The Society’s assets also grew by 6.84%.

There was also an increase in membership and members capital. Members capital was $3,179,250 as compared to $2,815,050, an increase of$364,200 (12.94%). Membership stood at 37,573, an increase of 1,312 or (3.62%).

The NCCU is an amalgamation of La Salette, St. Paul, St. David, Roseau and Vieille Case credit union.

Another section of the crowd at the NCCU AGM
Another section of the crowd at the NCCU AGM

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5 Comments

  1. June 18, 2014

    Credit unions are the way to go.

  2. MEMBER
    June 17, 2014

    A record turn out. I have not missed a meeting of NCCU since its inception, and this is the best I’ve seen. The school setting was really beautiful. I got to know Morne Jaune for the first time. Thank you NCCU

    • Anonymous
      June 22, 2014

      wah

  3. June 17, 2014

    You make all this surplus. Why did you close my account with a six figure savings without my knowledge?

  4. Anonymous
    June 17, 2014

    Well NCCU help the poor nuh reduce he interest on all existing loans by 1% so your members can have a little disposable income in their hand. u never know they may just take more loans this year. But I must say I love the now for now.

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