It was reported at the recent AGM that 2016/17 was a challenging year for the Credit Union but with some areas of growth. Total membership remained quite steady and share deposits again increased overall. Although the number of loans granted increased marginally, the value of Credit Union loans granted in the year fell by almost 15% partly as a result of The Board’s policy of tighter control of lending.
The resources put into credit control and recoveries have resulted in a welcome reduction in the bad debt figures.
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