sJU5 398im5WjrIJirbeG-Credit Union AGM Booklet 2024 - Flipbook - Page 38
38 Credit Union AGM Booklet 2024
2024
2023
2022
2021
2020
Number of Members Borrowing
6,097
5,970
5,843
5,988
5,797
Number of Loans
9,803
8,737
8,234
8,631
8,781
457,209
423,500
362,059
323,229
294,272
77%
78%
74%
74%
80%
Revenue from Loans ($000)
27,889
22,818
18,812
17,303
17,495
Delinquency Ratio
1.49%
0.51%
1.07%
1.90%
1.91%
Porfolio Balance, Net ($000)
Loans to asset Ratio
Loans Processed
Loans processed include out-of-share, unsecured, and within-share loans. The volume of unsecured loans processed
increased in the 昀椀nancial year ended 2024. This resulted in a signi昀椀cant jump in loan declines, mainly due to members
being unable to repay the additional debt.
Category
2024
2023
Change
#
$
#
$
#
$
Approved
4,720
81,046,818
4,394
115,101,810
7%
-30%
Declined
66
2,611,393
34
178,747
94%
1361%
4,786
83,658,211
4,428
115,280,557
8%
-27%
Total
Loans Approved by Category
Approved out-of-share loans secured by property were $62.3M (2023: $99.6M), a decrease of 38% mainly due to
decreased new mortgage applications and transfers from other 昀椀nancial institutions. Loans processed based on
established limits were as follows: $2.7M (2023: $8.9M) by the Board of Directors, $33.4M (2023: $52.8M) by the Credit
Committee, and $25.7M (2023: $37.9M) by the Internal Credit Committee.
Out of Shares Loans (KYD 000)
Type of Loans
1 August 2023 - July 2024
1 August 2022 - July 2023
Qty
$ Amount
Qty
$ Amount
Business Investment
5
1,530,218
4
439,156
Construction
24
7,088,798
14
4,703,967
Property / Home Repairs
5
280,843
13
586,334
Land or Building Purchase
180
33,385,722
181
43,821,278
Debt Consolidation / Re昀椀nance
69
10,313,668
144
35,337,563
MV Purchase / Repair
215
7,984,573
340
12,673,097
Other consumers
29
1,678,996
23
2,064,414
Grand Total
527
62,262,818
719
99,625,810
