Pays a 6% Dividend on Member Shares

When the NCCU held its 3rd Annual General Meeting on May 8, 2013, at the St Luke's Primary School in Pointe Michel, members learnt that their Credit Union had recorded strong performance in 2012.

In addressing members at the AGM, President, Dexter Ducreay, described the performance of NCCU’s “financial bottom line for the reporting year as a ‘beacon of hope’” in keeping with the AGM’s theme “NCCU-- a Beacon of Hope in Challenging Economic Times.” He further stated that the NCCU is “financially sound”.

The Society’s total assets grew by 6.6% or $23.4M to $378.6M fueled by an amazing 10% or $24.M growth in the loans portfolio. 1091 new members swelled the membership roll to 36,261 at the end of 2012 an increase of 3.11% over 2011. As a result, Member Share Capital increased by 3.36% or $91,450 to $2.8M.

Members’ confidence in the NCCU was further highlighted by the $17.2M dollars in savings and deposits which were invested in their Credit Union increasing total liabilities to $336M.

The Society earned total revenue of $27.75M exceeding the previous year by $2.12M or 8.28%. An operating surplus of $5.59M was recorded which was reduced to $1.95M after provisions, depreciation, and loan write offs.

At the end of the meeting, members unanimously approved management’s recommendation that a dividend of 6% be paid on Member Share Capital.