NCCU reports its cooperative model has again turned in a good financial showing for the Fiscal Year 2016

​Ahead of its 7th Annual General Meeting on Sunday, the National Co-operative Credit Union (NCCU) Limited is reporting that its cooperative model, has once again helped it turn in a commendable financial showing for the Fiscal Year 2016. 
 
In an official release, the financial institution touts that its loan portfolio growth was strong in 2016, notwithstanding the prevailing economic conditions, and a competitive market. The portfolio recorded net growth of 6.02% or $21M, resulting in a net portfolio balance of $351.9M at the end of 2016. 
 
NCCU’s assets moved past the half-billion mark, and climbed to $518.3Million, an increase of 7.39 % or $47.1Million, from 2015. This is said to have been fueled by the growth in its loan portfolio.
 
Meanwhile, other achievements reported for the financial year include steady growth of 11% or $449,650 in Member Share Capital, an increase of 5.2% or $1.7M in Gross Income and an increase in membership of 3118. The Society recorded a Net Surplus of $4.26M for the Financial Year Ending December 31, 2016. 
 
The society states further that, sharing its success with its members and communities remained a priority, and as such, sixteen scholarships were awarded to Secondary and Dominica State College students; a large number of activities, needs and causes were supported; and significant assistance was provided for medical care.