NCCU's president says the Credit Union had impressive year
Dexter Ducreay was not re-elected president of the National Co-operative Credit Union (NCCU) for another three-year term despite the financial institution's "impressive" performance in 2012. Michael Augustine was selected by fellow board members while Ducreay received the post of vice president.
When elections were held at Pointe Michel last week, Ducreay topped the polls with 172 votes followed by Janice Jean-Jacques-Thomas (146), Bernard Francis (143), Alganan Degallerie (132), Michael Augustine (131) and Magdalene Bontiff-Honore (117). Gerald Fregiste (49) and Yolande Jno-Jules (58) were the other persons who vied for the post.
Augustine will continue leading one of Dominica's top financial organisations, one that appears to be immune to the moribund Dominican economy.
Ducreay told NCCU members who gathered at the St. Luke's Primary School on May 8, 2013 for the society's 3rd Annual General Meeting that: "Our financial bottom line for the reporting year demonstrates a beacon of hope" and the NCCU is "financially sound".
"As we observe our 3rd Annual General Meeting, we should give thanks to the founding members of the five credit unions that created NCCU and by extension set us on a track of hope and prosperity. For this reason, the theme for this meeting is "NCCU, -A Beacon of Hope in Challenging Economic Times," he said.
Ducreay said the NCCU's net loan portfolio grew by "an amazing" 10% or $24.8 million and our total asset grew by 6.6% or $23.4million when compared to the previous year. Member Share capital increased by 3.36% or $91,450.00 when compared to the previous year.
"I am impressed by our achievement," he said.
He reported that the surplus before appropriation and impairment loss on investment, increased from $2.6million in 2011 to $3.1million in 2012 or 21.33%.
"This is a record breaking achievement in a challenging economy," Ducreay said.
He said the NCCU operated in an environment where the economy experienced high unemployment, and the key economic sectors like tourism and agriculture, did not demonstrate significant growth in 2012. The failure of Colonial Life Insurance (CLICO) and British American Life Insurance (BAICO) created additional turmoil in the Dominican economy. The NCCU may have lost more than EC$5 million from the insurance fiasco, the Annual Report for 2012 stated. In spite of these problems the NCCU has made significant progress, Ducreay said.
"The beacon is shining brighter than ever at NCCU," he gushed. That light on the beacon includes an extremely liquid NCCU- the annual report states that the Credit Union had cash on hand of more than EC$2 million, current accounts of EC$9.7 million, gross income of EC$27 million and surplus income of EC$1.9 million. At the end of 2012 the institution had assets of EC$378.6 million and liabilities of EC$336 million.
In the coming year, the NCCU is planning to implement new products to enhance the quality of life of its members and position the institution at the cutting edge of technology, Ducreay stated.
"We will also continue to invest in tools and resources that assist our members to effectively manage their finances, so that you can achieve your goals as far as you can dream, now and in the future," he said. "That's our promise".
The NCCU is an amalgamation of the Roseau, La Salette, St. David, St. Paul and Vieille Case Co-operative Credit Unions. In 2012 a total of 1094 persons joined the NCCU; it has a current membership of 35,167.