Credit Union Annual Report 2022 - Flipbook - Page 16
145% increase (2021:
259%) in non-interest
income due mainly to:
470% increase, or $207K
rally in market values of
equity shares compared
to prior year;
$147K (2021: $77K)
recovery of loans
previously written-off, an
increase of 91%;
$886K (2021: $506K) in
other fees based on new
fees implemented in
March and increases in
loan fees; and
$0K unrealized loss on
repossessed collateral
during the year (2021:
97K loss).
Analysis of Changes in Income & Expenses
$000
2022
2021
%
18,812
17,302
9%
Cash Advances
364
268
36%
Fixed Deposits with Banks
527
273
93%
TOTAL INTEREST INCOME
19,703
17,843
10%
Members' Deposits
54
58
7%
Lease Liability
6
6
0%
60
64
6%
19,643
17,779
10%
-168
454
-137%
19,475
18,233
7%
Dividends on Equity Investments
132
126
5%
Change in unrealized loss in fair
value of securities
163
-44
470%
Realized loss on sale of
repossessed collateral
-14
-32
56%
Unrealized loss on
repossessed collateral
-
-97
100%
Revovery of loans previously
written-off
147
77
91%
Other fee Income
886
506
75%
TOTAL NON-INTEREST INCOME
1,314
536
145%
Gross margin before expenses
20,789
18,769
11%
Less Operating Expenses
8,539
8,143
-5%
TOTAL SURPLUS
12,250
10,626
15%
INTEREST INCOME
Loans
INTEREST EXPENSE
TOTAL INTEREST EXPENSE
NET INTEREST INCOME
Provisions:
Allowance for loan losses
NET INTEREST INCOME AFTER
PROVISION
These results were
offset by a 5% increase
(2021: 14%) in total
expenses mainly due
to:
7% increase (2021: 11%) in
personnel expenses
which was mainly due to
additional staff.
100% decrease in
beneficiary benefits paid
to deceased members
beneficiaries as this
benefit was paid from
the benevolent fund
approved by members
at the 2021 AGM.
34% increase in general
and administrative
expenses.
Credit Union ANNUAL REPORT 2022
NON-INTEREST INCOME
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