NCCU reports growth in 2018

NCCU members at the institution’s 8th AGM

The National Co-operative Credit Union Limited (NCCU) is reporting that for yet another year, it has “exemplified the true spirit of the Credit Union movement” and with utmost resilience continues to serve all members.

When the Society’s membership gathers at the Dominica Public Service Union (DPSU) Hall on Thursday, August 29, 2019  at 5 pm for the 9th  Annual General Meeting, the Board of Directors will convey its  satisfaction with the remarkable progress made in 2018  “following the devastating effects of the weather systems of 2017”.

The membership will learn that their Credit Union’s  assets continue to grow climbing to $625.7M as at December 31, 2018 an increase of $37.7M or 6.41% over the previous year 2017.

Other achievements for the NCCU in 2018 were the growth in membership to 47,689, an increase of 1,394, and the increase in Member Share Capital by 7.74%.

Net loans and advances to members increased by $5.29M (gross was $15.04M) to $365.78M following the adoption of International Financial Reporting Standard # 9 (IFRS 9). Overall, “the Loans Portfolio showed positive signs of growth.”

Operating and interest expenses costs were carefully managed during the year  and the small  increases of 5.72% and 6.91% were as a result of insurance related expenses and interest paid on homeowners’ insurance settlements.

Total gross revenues declined by $1.23M or 3.85% due to the continued waiver of interest on the loans of members affected by the passage of Hurricane Maria and reduced interest rates on the special Rise & Restore and Cash-Secured loans.

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11 Comments

  1. Joseph John
    August 30, 2019

    DNO it is good to see Rupert Lance ( the man in front with the orange shirt) He almost got burnt to death in the Carnival fire of 1963 or was it ’64. He is really a survivor. It is a real joy to see him looking so well. Three other young men were burnt to death because of hate, greed and “JARLOWZEE”. They never receive justice. The perpetrators were never arrested. Dominica has no statute of limitation so their brothers are free to seek justice.
    The same scenario for Timothy’s death and Frampton beating re May ’79, justice denied. The stone throwers who started this will have their just desert. There is an old saying …..God is not a sleeping policeman The Stone thrower in chief is still out there belching vile. Wickedness have a way of turning back on its perpetrators.

  2. Joseph John
    August 29, 2019

    Congrats to all staff and members of the NCCU for this milestone of 8 yeas of steady progress. Dominicans know how to unite positively for progress from the grass roots to the mountain top.
    This is local enterprise. This is great management. Thanks you people.

    • Joseph John
      September 2, 2019

      When the Credit union started in Dominica none of the pioneers were “In Government” and they were mostly in none paying volunteer positions. The lesson in this experience shows that you do not always have to be in government to make a positive contribution to the development of your fellowmen.

  3. Shaka zulu
    August 29, 2019

    “Total gross revenues declined by $1.23M or 3.85% due to the continued waiver of interest on the loans of members affected by the passage of Hurricane Maria.” What was the revenue? I am asking becuse that would be important to know to the readers. My calculations indicate revenue of $31,138,421.00 please correct me if i am wrong. How much of that is profits. Aid bank reported less than 1 mill2 in profits for the same time so i am curious to see. I bet many folks are.

    • Joseph John
      August 30, 2019

      You do not want to know anything. you are not looking for answers. I bet you have not been a member of any credit union. And according to your jombee math you sounds like a delinquent who just want to make roro.
      You sound like Linton with his jombee 5th grade arithmetic M$2.2 US lie.

  4. Lin clown
    August 29, 2019

    And those LYING LAZY UWP say people are getting poorer and poorer. everyday.WICKED UWP

    • Just because I smile
      August 30, 2019

      There was once upon a time I could go out and have fun, buy new clothes every month, and pay after school care for my kids, go on vacation. I even had savings accounts for me and my kids.

      All I did was build a small two bedroom house for my family. It is my only loan. Now my kids have to sit in my office after school, I can’t remember when last I had any fun, I ensure my kids always have food but usually that means at least a week and a half out of a month I have to stay without meals, my work clothes are so washed out that I sometimes feel embarrassed.

      • Joseph John
        August 30, 2019

        This means that you have gone in denial prompted by the bundle of negatives that the uwp have been spreading from east to west and north to south. This mental blockage is crippling you faith in your ability to be proactive and make the right choices and decisions you have made before. These negatives of the uwp is like mental fatigue that cause burnout. Its up to you to put yourself in a winner state of mind and get back to success.
        Many face trials and tribulations ,but with the help of Jesus they overcome and get back even better than where we were before. Their spirits were strengthened beyond their expectations. Many people were victims of May, 79 and cat 5 David, a double wammy but they and their families went beyond their former success because they trust in Jesus.
        Then we had Maria. D-Day and Maria in the same year double, wammy again. But prayer and faith have us on the road to full recovery. Did you notice the miraculous protection we had for Dorian ?

    • Sa Kawy More Dah Rah
      August 30, 2019

      It’s ee zee to see poor verty. Just look to the lines at le clinique rouge. If this is not poor verty then it must be greed and lust happily married

      • Joseph John
        August 31, 2019

        Poverty is in the eyes of the beholder. Please do not curse Dominica with your wish for poverty. There are more than 500,000 people homeless, jobless in the USA. They have no means of shelter from over 100 degrees in summer and freezing temperatures in winter. They have no place to bathe and no food.
        Go back and take pictures of the line you are talking about, the people look fed and dressed. Stop trying to degrade your fellow nationals. Have you seen pictures of refugees from terrorist countries?
        Have you seen reports of children in concentration type detention centers near the Mexican border? So stop belching those blue bubbles and search the net to inform yourself or you will become a margie like Lennox.

    • Joseph John
      August 31, 2019

      The uwp gang bangers with their Al Capone mobster mentality have no idea what poverty means, if fact they have no understanding of anything. They are depending on their negative mind set to try to be relevant, but they act like street urchins of the primitive hunters- gatherers era. They cant recognize the post modern era when its no more he said she said to prompt misbehavior. They are in a permanent stage of regression where their incompetence is out there for all to see.

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