Credit Union Annual Report 2021 V2 - Flipbook - Page 18
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Credit Union ANNUAL REPORT 2021
SHARES AND DEPOSITS
Total member deposits of $426M (2020: $370M) grew by
15%.
Members’ continued confidence in our Credit Union is
shown in the growth in member deposits; members’
The strategic objectives for the 2021/22 financial year are:
• Book the un-disbursed loans as of 31 July 2021;
• Protect and grow our loan book;
• Manage credit risk and monitor the delinquency rate to
remain below 3%;
shares grew by 16% (2020: 29%) or $57M. Member deposits
• Maintain liquidity ratio above 15%;
(savings and term deposits) declined by 6% (2020: up 71%)
• Implement new banking software; and
as members transferred term deposits to shares.
Total Member Deposits ($000)
2021
426,606
287,198
2018
260,376
2017
233,897
the investment property currently held by the Credit
Union.
The Credit Union remains committed to providing financial
solutions to our members in a cost effective, sustainable
2020 370,432
2019
• Commence plans for a development project to utilise
and efficient manner. We are a safe repository for savings
and investments and, despite the fragile and challenging
economic environment in which we currently operate, we
remain very positive in our ability to play an important part
in enabling our members to achieve their financial goals.
Our purpose is to help our members to improve their quality
of life. We pledge to continue providing those opportunities
THE WAY FORWARD
so that you, our valued members, can achieve your goals
for years to come.
We expect the 2021/22 financial year will be impacted as
I wish to thank the management and staff of our Credit Union
follows:
for remaining diligent in their duties to the organisation. It
• No change in the Prime Interest Rate;
is never easy to operate in a dynamic and ever-changing
• Ongoing competition for new lending; and
• Moderately increased non-interest income due to
implementation of revised lending and transaction
fees, ensuring that we maintain the lowest fees.
financial environment.
Thanks to our auditors, EY, who conducted and completed
their audit in a timely manner.
Finally, as Treasurer I am grateful to you, our valued
members, for your continued support of our Credit Union
and for the opportunity to have served in this capacity.
Shakira Gourzong, Treasurer
Crisis Centre Donation