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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
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