“This is the best performance ever,” said G. Sydney Newton at the Nevis Co-operative Credit Union Limited’s July 19 annual general meeting.
Newton, the institution’s General Manager, said this news should resonate well with NCCU members.
“We are hopeful that we can deliver on a dividend that would satisfy the members,” Newton said, adding that his team was in discussion with the NCCU’s regulators “as to what level of payment can be made.”
The NCCU, which relocated its operations earlier this year, recorded a surplus of $2.5million which, according to Newton, is “the highest ever.” In 2017, assets increased by $14.9 million or 13 percent, deposits by $11 million or 11 percent and loans by $11.1 million or 13 percent.
“When compared to 2016, it is interesting to note that our gross income increased by $1.7 million. At the same time, our expenses decreased by some $200,000 and overall Net Surplus increased by $1.9million so it was a very good year financially,” Newton explained.
When asked to comment on his institution’s strategy to produce such a result in 2017, Newton explained, maintained sponsorship of events and institutions “for worthy causes” as well as making “donations to schools, the hospital, seniors and other institutions that contribute meaningfully such as Pink Lily Cancer Care and the likes.”
“Our Scholarship Programme was maintained,” he said, noting that “Its maximum awardees [of] 14 were also maintained.”
Still on the issue of community involvement, but speaking specifically about the Disaster Relief Assistance Programme, Newton said last year, his institution contributed $40,000 “to sister Credit Unions across the region as well as to some members here on Nevis who suffered losses” following hurricanes Irma and Maria.
“To date, it’s a programme that’s working for us. Our members have ceased, to a large extent, the contribution of $12 which we ask for per year but, we have accumulated some funds which we are using to benefit persons who suffer disasters,” Newton clarified.
Another area that showed positive growth was the Family Indemnity Plan. Described as a social programme, it reached the $2million claim level.
When Newton shifted his attention to the logistics for yesterday’s AGM, he said that they expected a larger than usual crowd, hence the change in venue to the Occasions Entertainment Centre along the Pinney’s By-pass Road in Nevis.