Roseau, Dominica.
President of the National l Co-operative Credit Union (NCCU) Dexter Ducreay has assured members that the credit union is in safe hands and is “financially sound.”
He was addressing the 3rd AGM of the NCCU at the St. Luke’s primary school in Pointe Michel on Wednesday..
According to Ducreay, having a robust financial institution has always been the primary goal of the NCCU board and as a result they have employed the most “prudent philosophy is designing and executing its strategy.”
“As we observe the 3rd AGM, we should give thanks to the founding members of the five credit unions that created the NCCU and by extension set us on a track of hope and prosperity…it is for this reason the theme for this meeting is NCCU, a beacon of hope in the challenging economic times,” Ducreay said.
He told the membership that Dominica’s economy has been experiencing economic challenges for some years, 2012 being no exception. “The economy experienced high unemployment and the key economic sectors like tourism and agriculture did not demonstrate significant growth in 2012. The debacle that was derived from the failure of CLICO and BAICO crafted increased financial turmoil for the financial sector, the scars are still with us today,” Ducreay remarked.
However, he said that despite the economic situation, the credit union’s financial bottom line for the reporting year demonstrated “a beacon of hope” with net loan portfolio growing by an amazing 10% or $24.8 m. Total assets also grew by 6.6% or $23.4 m when compared to the previous year. Member share capital also increased by 3.36% or $91,450 as compared to the previous year.
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