PRESS RELEASE…(July 18, 2018) — “This is the best performance ever,” said G. Sydney Newton, this week, when he gave a preview of the Nevis Co-operative Credit Union Limited’s Annual General Meeting (AGM), which is slated for Thursday (July 19).
Newton, the institution’s General Manager, said this news should resonate well with the NCCU’s 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 GM Newton, is “the highest ever.” In 2017, Assets increased by $14.9million or 13 percent, Deposits by $11million 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 $1.7million. 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 that while the Operational Cost decreased, the NCCU “did not, in any way, cut back on its commitment to the community”, maintaining 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, the General Manager revealed that 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 Thursday’s AGM, he said that they are expecting a larger than usual crowd, hence the change in venue to the Occasions Entertainment Centre along the Pinney’s By-pass Road in Nevis.
While transportation is being arranged, by request only, Newton said confidently that the NCCU’s successful vehicle promotion should result in a decrease in transportation requests.
“I believe that following our vehicle promotion a few years ago, having put over 200 vehicles on the road for our members, nobody should have an excuse of getting to the Occasions on the By-pass Road. Everybody has a vehicle now compliments of the Credit Union, of course they have to pay back, but if there are persons who do not have transportation, you can call the Credit Union and arrangements would be made through some passenger buses…I believe that there should be no excuse in relation to transportation but if there is any difficulty, we are prepared to make the necessary arrangements,” he explained.
Thursday’s AGM will commence at 5pm and will hear reports from the Board of Directors and various committees for the year ended December 31st, 2017. As an incentive to members the NCCU has secured attractive door prizes for attendees.
About the Institution
Doing business with the Nevis Co-operative Credit Union gives you more advantage than with other institutions. Best of all, you’re a part owner of the credit union-which means that earnings are paid back to you, not stockholders. We offer greater opportunities and low interest rates. NCCU is a not-for-profit organisation that proudly serves the community and supports local organisations throughout Nevis.