Credit Union Annual Report 2022 - Flipbook - Page 15
TREASURER’S REPORT
I am pleased to report another strong profitable financial year ending 31 July 2022. Our Credit Union
achieved Net Income of $12.25M (2021: $10.63M), an increase of 15%.
Net Income ($000)
2022
12,250
2021
10,626
2020
10,563
2019
11,526
2018
7,611
There were significant financial impacts during the
year which resulted in our Credit Union achieving a
15% increase in Net Income:
7% increase (2021: down 2%) in net interest
income despite lower interest rates for the
first seven months, boosted by the 12%
growth in the loan book; net interest
income increased due to:
9% increase in interest on loans
93% (2021: down 34%) increase in interest on
fixed deposits with banks (yield on fixed
deposits increased to 0.5% (2021: .4%); and
Nichelle Scott
Treasurer
36% increase in fees earned on cash
advances.
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Credit Union ANNUAL REPORT 2022
