PRESS RELEASE

June 26, 2018

The cooperative business model has once again helped the National Cooperative Credit Union Ltd (NCCU) turn in a commendable financial showing for the Financial Year 2017.

When the Society's membership gathers at the Goodwill Parish Hall on Thursday, June 28, 2018, at 5 pm for the 8th Annual General Meeting, the Board of Directors will report overall growth and that "despite the ravages of Hurricane Maria" NCCU "remained strong".

Total assets climbed  to $588,069,125 as at December 31, 2017 com-pared to $518,315,489 in the previous year, an increase of $69,753,276 or 13.46%, fueled by an exponential increase in members' savings.

The Society recorded  a commendable, but lower, net surplus of $2,850,988 for the financial year ending December 31, 2017 as a result of a reduction in interest income following Hurricane Maria. At the end of August 2017, net surplus of $4,411,494 was recorded an increase of 8.79% or $356,357 over that of 2016. "The Credit Union was on course to celebrate the biggest year since the amalgamation in 2010 when the hurricane struck".

Other notable achievements for the NCCU in 2017  were the increase in membership of 2,853, driven by the transfer of 1473 members from the South-Eastern Cooperative  Credit Union, and an increase in Member Share Capital by 13.72% or $620,100 to $5,140,440.  As at December 31, 2017, NCCU's Total Equity stood at $67,169,711, an increase of $3,857,410 or 6.10%

Despite the challenging operating environment, operating costs did not increase significantly  and interest expense  was carefully managed declining by 3.2%.

Sharing our success with members and our communities remained  a priority in 2017  in keeping with Cooperative Principle No.7 -- Concern for Community. Fourteen scholarships were awarded to secondary school students and a large number of activities, needs and causes were supported. Significant assistance was provided for medical care.

The NCCU remains a viable and successful financial cooperative.  It  owes its continued success to the commitment of its members  to utilizing all the services and products offered to grow the Society.   We are indeed grateful for their trust and loyalty.

For further information contact:   

Mr. Aylmer A. Irish

Chief Executive Officer

255-2165 and 275-2549