sJU5 398im5WjrIJirbeG-Credit Union AGM Booklet 2024 - Flipbook - Page 40
40 Credit Union AGM Booklet 2024
Delinquency Management
The increase in the delinquency rate to 1.49% is substantially below the Credit Union PEARL benchmark rate of 5%. The
increase was mainly due to past due loans for:
•
31-60 days of $3.5M (2023: $1.1M),
•
61-89 days of $1.5M (2023: $150K), and
•
90 days and over of $1.7M (2023: 894K)
There is a trend of an increasing number of members who pay online or over the counter that were 1 to 2 months (31-60
days) late but paid before the end of the third month to avoid legal action. These members are employed but chose to pay
their debts to other 昀椀nancial institutions before the Credit Union. Management will continue to monitor and manage these
accounts robustly. See the graph of the delinquency rate below:
Delinquency Rate
2024
1.49%
2023
0.51%
2022
1.07%
2021
1.90%
2020
1.91%
The Delinquency rates by loan category were as follows:
2024
2023
2022
2021
2020
Consumer
0.10%
0.10%
0.15%
0.47%
0.30%
Mortgage
1.39%
0.42%
0.92%
1.43%
1.61%
Total
1.49%
0.52%
1.07%
1.90%
1.91%
