Credit Union Annual Report 2022 - Flipbook - Page 9
Our Credit Union realized a net surplus of $12.25M
(2021: $10.62M) an increase of 15% which was
achieved through our ability to maintain, protect,
and grow our loan book. Total loans increased by
12% to $362M (2021: $323.2M). Member deposits
grew by 9%; the Delinquency Rate remained below
2% at 1.07% which is well below the World Council of
Credit Union standard of 5% or below; and total
assets grew by 9%.
Categories
2022
2021
Change
Net Income
12,250
10,626
15%
Total Deposits
463,878
425,607
9%
Loan Portfolio
362,059
323,229
12%
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 2.3% (2021: 2.1%) and has approved the payment of
a loan interest rebate of 2%.
During the past year the Board of Directors provided
oversight on the main objectives as follows:
The implementation of a New Core Banking
System
Development of a three-year Strategic Plan
Continuation of embedding a culture of
Enterprise Risk Management
Review of the Credit Union Rules
Improved Governance
Ongoing Business Process Improvements,
and
Ongoing Member Engagement
06
Core Banking System
The new core banking system was implemented
on 1 March 2022. The implementation process
commenced in August 2020 and faced a number of
challenges with key staff impacted by COVID-19,
having to perform dual-roles as subject-matter
experts as well as their daily duties, and transition
change from a legacy banking system to new
technology.
The new system, Universa, is critically important to
the Credit Union as it represents the first major IT
infrastructure upgrade in over 20 years and allows
the Credit Union to leverage technology and
provide enhanced services by offering:
Three ATMs with two new locations at the
Government Administration Building, and
Countryside Shopping Plaza in Savannah as
well as continued services at the Credit
Union Headquarters;
Improved online banking, CUonline;
A new mobile banking app; and
More efficient service to members who visit
our branches.
Our staff and management have worked tirelessly to
bring this important project to fruition. The Board
acknowledged the extra effort that was required
from our staff and the support that management has
given to assist the Team.
Strategic Plan
Our Credit Union is a dynamic Co-operative
operating a very competitive environment and
facing the same risks as other financial institutions
providing similar services. We want to continue to
be a profitable organization that is financially safe
and sound in order to continue to fulfil our purpose
as well as our mission: to offer excellent service to
Credit Union ANNUAL REPORT 2022
