MCCU Annual Report - page 8

MANCHESTER CO-OPERATIVE CREDIT UNION
ANNUAL REPORT 2013
8
Reports
Board of Directors Report
HIGHLIGHTS OF THIS REPORT WERE READ
BY THE PRESIDENT (CHAIRMAN),AS FOLLOWS:
The President noted that the Board’s Report was being submitted against the backdrop of a
protracted negotiation between the Government and the International Monetary Fund (IMF)
and within the context of unfavourable economic conditions. He said that the period was yet
another challenging one for the Credit Union. He noted that the highlights for the country’s
activities were the celebration of the Golden Jubilee and the performances of the athletes
at the London Olympics. Those two events were significant morale boasters for the country.
The Chairman stated that the Board was highly appreciative of our valued members, for
their commitment to the Institution as well as the professionalism and efficiency of the
management and staff. The Board’s job was made easier by the efforts of an excellent staff
and the commitment of the members.
The following Economic and Social issues were highlighted:
Competitive Environment in which we operate
Negative Economic Growth or protracted quarters
Change of Government
International Monetary Fund (IMF) – negotiation
Government Measures: Reduce Debt to GDP ratio of 140% to 95%, which include:
Tax increases, wage freeze (public sector) & National Debt Exchange (NDX)
Increase in unemployment rate
High rate of Crime, which formed part of the social problems that we were battling
with as a country
National Census showed 7% growth in Manchester over the past 10 years.
PERFORMANCE OVERVIEW
The following highlights the key performance areas of the Credit Union for 2012:
• Voluntary Shares grew by 6% from $1,169 million in 2011 to $1,241 million
• Deposits grew by 13% from $886 million in 2011 to $1,003 million
• Net Loans grew by 32% from $1,188 million in 2011 to $1,571 million
• Total Assets grew by 11% from $2,756 million in 2011 to $3,049 million
• Net Surplus decreased by 4% down from $82 million in 2011 to $79 million
Delinquency
The delinquency rate stood at 4.58% at the end of the year. This was 0.82% less than that
of 2011. The members were once again commended for honouring their obligations despite
the many difficulties encountered. Special commendation was extended to the staff members
who have responsibility for collections.
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