The 2017 Financial Statements have just been released by the Board of Family First Credit Union.
Some of the key achievements of the Credit Union’s operation throughout 2017 are reflected in the following summary:-
- After tax profit increased by $20,729 or 5.0% to $438,866
- Total membership decreased by 92 members to 8,804 members, a decline of 1.0%
- Member deposits increased by $12,521,204 or 12.5% to $112,834,053
- Loans increased by $13,731,443 or 16.4% to $97,347,144
- Total assets increased by $13,233,742 or 11.7% to $126,287,477
- Capital adequacy decreased to 16.2% (2016 – 17.5%)
- Minimum Liquidity Holdings (MLH) decreased to 18.5% (2016 – 21.8%)
- Total liquidity decreased to 21.0% (2016 – 25.1%)
- Capital increased by $344,516 or 3.5% to $10,282,503
- Total Risk Weighted Assets increased by $6,593,969 or 11.6% to $63,332,306
- Operating expenses increased by $124,371 or 3.3% to $3,865,303
- Impairment expenses increased by $3,691 or 5.4% to $71,483
- Interest margin increased by $193,072 or 5.5% to $3,719,569
Chief Executive Officer Darryl Macauley was pleased with the result stating that "it is always pleasing when you can achieve reasonable levels of growth and an increased profit as well. Both those indicators in my opinion point to a sustainable future. It is a great achievement when you think about how competitive the finance industry is at present and we thank our loyal membership who have not only supported us but also trusted Family First Credit Union with their financial needs. It's just a great way to celebrate our 50th year of operation which is another great achievement of its own".
Please click here for a copy of the 2017 Statutory Financial Statements.