sJU5 398im5WjrIJirbeG-Credit Union AGM Booklet 2024 - Flipbook - Page 25
25 Credit Union AGM Booklet 2024
Board of Directors’ Report
Every decision and every action are driven by our unwavering commitment
to making a meaningful difference in your lives and the community you call
home.
Life comprises big and small moments that shape our lives
and de昀椀ne who we are. From moments that bring joy,
engagement, and motivation to those that challenge us
with hardship, illness, failure, and loss. Transitional
moments—getting your 昀椀rst job and paycheck, buying
your 昀椀rst car, land, or home, starting a family—and
milestone moments like graduations, birthdays,
anniversaries, and retirement. These moments serve as
the building blocks of our journey. Because they matter
deeply to you, they matter deeply to us.
At our Credit Union, we take the experiences and stories
you share to heart. That’s why, in 2023-2024, for example,
we prioritised working proactively to reduce members'
borrowing costs, as they were struggling to make ends
meet with continuous cash advances or to make payments
on high-interest-rate credit card debt. We also prioritised
helping you save for the unexpected and the long term,
always keeping your needs and experiences at the
forefront of our decisions.
We continued sharing 80% of our pro昀椀ts with you and the
community through dividends, educational grants, and
training. We returned 2% of the interest paid on loans to
those who borrowed from us and made their loan
payments on time.
At the heart of our mission lies a singular focus: to be the
trusted 昀椀nancial partner to our members while positively
impacting the wider community.
Every decision and every action are driven by our
unwavering commitment to making a meaningful
difference in your lives and the community you call home –
being there for the moments and occasions that matter
most to you.We have been here for over forty-eight (48)
years when you needed us to help you achieve your
昀椀nancial goals. But in 2023-2024, we made a special effort
to be there for you during those important occasions and
moments in your life. We understand that these moments
are not just 昀椀nancial milestones but signi昀椀cant life events,
and we are here to support you every step of the way,
providing reassurance and value when it matters most.
Achievements
We have much to celebrate as we re昀氀ect on the 昀椀nancial
year. Amidst growing economic challenges generated by
in昀氀ation and high- interest rates, we have emerged
stronger and more resilient than ever.
The 35% growth in net income positively impacted our key
performance ratios as the return on assets of 4% (2023:
3%) increased by 26%, and the return on equity of 40%
(2023: 35%) increased by 15%.
Based on these results this year, I am pleased to inform
you that the Board is recommending a dividend of 4%
(2023: 3%), up 33%. The Board also approved the
payment of an interest rebate of 2% (2023: 2%) of interest
paid for the 昀椀nancial year to all eligible borrowers.
These achievements underscore our members' loyalty,
trust, and commitment to making our Credit Union their 昀椀rst
choice for 昀椀nancial services or to coming home to our
Credit Union for affordable lending terms during a highcost-of-living period.
