DCSLL reports significant growth in assets, loan portfolio, membership and members’ savings in 2016

​The Dominica Cooperative Societies League Limited (DCSLL) held its 60th Annual General Meeting on Saturday 22 April 2017, at the Garraway Hotel. Credit union representatives from across the island were in attendance. The DCSLL reported significant growth of the Credit Union's assets, loan portfolio, membership and membership savings in 2016. The AGM was held under the theme ‘Resilience: developing a pathway to sustainable growth & development through cooperation’. Patrick George, Financial Intelligence Unit Senior Investigator was the featured speaker.
 
Mr Murphy Wallace outgoing President of the League reported that “The credit union movement continues to grow in Dominica’s economy, and during the year under review, we have recorded significant growth. For example, we moved from a capital base of $665, 170 million in 2015 to $730, 121 million in 2016, so that is a significant growth in terms of the movement as a whole”.
 
The Board of Directors Report stated that the consolidated unaudited financial statements confirm improvements in the DCSL’s financial performance. Murphy noted, “For example, the total assets increased by 65.24 million dollars to $730, 411 million; that is a significant growth in assets, representing a 9.81% increase over that of 2015. So we continue to grow and we continue to do very well”.
 
Murphy said in the League’s loan portfolio, “significant growth” was also recorded, as “we have moved from $462.38 Million in 2015 to $488.53 Million in 2016, and among the League’s achievements for the year, was an increase in its members and their savings& deposits, where there was 3.37% growth, and that represents $13.57 Million. In a challenging economic time, if our members could save that kind of money, it is something that is very significant”.
 
The Report also indicated that the members’ share capital recorded some 8.91% or 0.635 million dollars increase. The League’s liabilities increased by $653, 259 Million in 2016. This was attributed to the term deposits which witnessed a significant boost of $219, 973 Million. Murphy said this represents $7.765 Million dollars, & shows confidence of the members in their movement, in terms of doing business and investing their monies with their credit unions.