Credit Union Annual Report 2021 V2 - Flipbook - Page 9
Credit Union ANNUAL REPORT 2021
• providing service to members at the lowest fees;
• Business process improvements
• delivering solid financial returns for our members
• Improved governance
through an annual dividend, loan interest rebates and
competitive interest rates on deposits;
• Protection of our business
• Member engagement
• increasing our engagement with members through
surveys, emails, social media, focus groups, and events
such as International Credit Union Day and the Annual
General Meeting;
• helping to uplift and empower our community through
educational grants, donations to various charities, schoolbased programmes and awards, sporting organisations,
and other events for our youth;
• Development and support of our human resources
Core Banking System-Smart Solution
The implementation of a new core banking system
continued throughout the 2020/21 fiscal year with a “go
live” date originally scheduled for late July 2021. However,
due to a number of factors the Board decided to delay the
implementation of the new system until 1 February 2022 to
• continuously improving governance, technology, and
risk management; and
ensure a smooth transition from the legacy system to the
new system for employees, but most importantly, to ensure
• ensuring compliance with increasing regulations.
un-interrupted, efficient service for our members.
Our resilience has been reflected in the financial results for
The new system is critically important to the Credit Union
the 2020/21 financial year, despite the fact that loan interest
as it represents the first major IT infrastructure upgrade in
rates remained at historical lows, competition for loan
over 20 years and will allow the Credit Union to leverage
growth remained high, and a number of our members who
technology and provide enhanced services by offering:
earned their livelihood from tourism were unemployed.
• Three new ATMs with locations at the Credit Union
Our Credit Union realised a surplus of $10.62M (2020:
Headquarters, Government Administration Building, and
$10.56M) which was achieved through our ability to
Countryside Shopping Plaza in Savannah;
maintain, protect, and grow our loan book by 10% to
$323.2M. Member deposits grew by 15%, the delinquency
rate remained below 2%, and total assets grew by 14%.
CATEGORIES
Total Assets
2021
($000)
468,571
2020
($000)
410,445
% Change
14%
• Improved online banking;
• A new mobile banking app; and
• Improved, more efficient service to members who visit
our branches.
Our staff and management have worked tirelessly to bring
this important project to fruition. Many of them have had
Total Deposits
426,607
370,432
15%
Loan Portfolio
323,229
294,272
10%
to work a dual role of serving our members as well as
configuring, validating, and training on the new banking
system. The Board acknowledges the extra effort that was
required from our staff and the support that management
All of these factors clearly show the confidence our
has given to assist the team. We look forward to the full
members have in the Credit Union and reflect the success
implementation of the system in February 2022.
of the strategy of the Board to maintain and protect the loan
book and grow the membership.
This year, based on these financial results, I am pleased to
inform you that the Board of Directors is recommending
to you, the membership, a dividend of 2.1% and the
payment of a loan interest rebate of 2%.
During the past year the Board of Directors focused its
RISK AND COMPLIANCE
The Credit Union continues to enhance its risk management
framework by implementing policies and procedures to
comply with its rules, applicable legislation, regulatory
directives, guidance and established best practices.
efforts on building the resilience of the Credit Union through:
Enterprise Risk Management
• Ongoing implementation of a new Core Banking
The Board of Directors is committed to ensuring the Credit
System
• Embracing a culture of Enterprise Risk Management
Unions’ strategic and operational risks are appropriately
identified and mitigated. We are pleased to report that
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