St. Kitts Credit Union Reports Highest Surplus Ever

St. Kitts - Credit Uinon Offices

St. Kitts – Credit Uinon Offices
Photo By Erasmus Williams

Basseterre, St. Kitts – Nevis
August 10 2009 (CUOPM)

The St. Kitts Co-operative Credit Union (SKCCU) is reporting its highest surplus to date in its 27-year history.

Treasurer, Ms. Marguerite de la Coudray in the Annual Report for 2009, noted the consistency of growth and warned that despite doing well in weathering the financial storms so far, the institution can ill afford to become complacent and must harness its resources, work harder to build capacity and enhance the quality of the credit union experience.

She reported a surplus of EC$664,989 for the year 2008, a 22 percent increase over the EC$541,978 figure of 2007, an increase of EC$123,011.

The St. Kitts Cooperative Credit Union said overall assets grew from EC$44.5 million in 2007 to EC$47.5 million, an increase of EC$3 million or 6.6 percent in 2008.

Deposits increase 6.8 percent from EC$38.9 million in 2007 to EC$41.6 million in 2008, up EC$2.7 million.

The loan portfolio in 2008 increased EC$1.1 million, up 8 percent to EC$15.6 million compared to EC$14.5 million in 2007.

Bill consolidation accounted for EC$2.1 million; loans for the purchase of private vehicles, EC$1.8 million; Travel and Vacation, EC$1 million; Furniture and Appliances, EC$1 million; House and Land, EC$921,000; Small Businesses, EC$838,000; Education, EC$810,000; Construction, EC$700,000 and Renovation and Repairs, EC$536,000.

The St. Kitts Cooperative Credit Union said the number of new loans approved increased by 117 or 6.9 percent.

It said that two new initiatives ““ the EC$7,500 and the EC$10,000 promotions – were received favourably with 432 members benefitting from a total disbursement of EC$3.7 million.

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