St. Kitts and Nevis (WINN); The St. Kitts Co-operative Credit Union is celebrating another successful year of operations, reporting an increase in membership and asset base for 2016, and the increase of members’ dividends from 5.5% to 7%.
The SKCCU held its 34th annual general meeting on Thursday (July 13). President of the Board of Directors, Sherillia Massicot told members that although 2016 was not without its challenges, it proved to be another year of growth in many areas.
Presenting the audited financial statements for the SKCCU for 2016, the president informed that membership grew from 13802 in 2015 to 14, 491 in 2016, an increase of almost 5%.
Pointing out the financial highlights of 2016, the President noted that the SKCCU’s total assets increased by 13%, going from just over $109 million in 2015, to $123.5 million in 2016.
The institution’s savings portfolio also grew last year, increasing from $86.1 million in 2015 to $96.8 million in 2016, a substantial growth of almost 12.5%.
Another area of growth was the SKCCU’s loan portfolio. Loans to members increased by almost 6% over the comparative period, going from $71.1 million to $75.1 million.
Reporting on the SKCCU’s profitability, Ms Massicot informed that their net surplus, now at $3.1 million, grew by 22.74% last year, an increase of $577.9 thousand.
The SKCCU failed to meet the mandatory level of member shares despite a $3.3 million increase in its equity position last year, with shares growing 8.13% in 2016, increasing from $5.9 to $6.43 million dollars.
The institution’s financial growth was credited largely to the exodus of a significant number of Royal Bank of Canada customers who moved their deposits to the Credit Union following the RBC fee hike in June 2016.
The St. Kitts Co-operative Credit Union is expecting the growth experienced in 2016 to continue in the coming year, and announced plans to launch a number of new and innovative products that it says will benefit all of its stakeholders.