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2018 turns out to be a record year for Family First Credit Union

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Family First announces a record result for the 2018 Financial Year.

Record Result announced by Family First Credit Union for the 2018 Financial Year.

Family First Credit Union is proud to announce that the 2018 Financial Year proved to be its most successful in history with a record after tax profit result of $618,389 up from $438,866 or 40.9% on the result recorded in 2017.

CEO Darryl Macauley was very proud of the results stating that it reflected on the hard work of the Board, management and staff of the Credit Union. "It is fitting that we record such a great result as everyone in the credit union has worked so hard to achieve it. From a very purposeful strategic direction down to its implementation and just the staffs relentless efforts in pursuing their individual, branch / department and corporate goals has been outstanding" he added.

The Credit Union's efforts in a jumber of other areas were also reason to celebrate the release of the 2018 Statutory Annual Report as follows:

  • Assets increased by 6.3% to $134,209,024
  • Loans increased by 8.4% to $105,505,013
  • Deposits increased by 6.1% to $119,682,735
  • Prudential ratios remain sound with Capital Adequacy at 16.8% and Liquidity at 19.6%

Lending achieved three milestones throughout the year with the outstanding loans surpassing $100 million, record annual loan funding figure of $37,096,048 and the Credit Union funding its 500th mortgage all throughout the 2018 financial year.

In terms of work done throughout the community, the credit union is very proud to have raised $14,696 in its initiative to raise funds and awareness of mental health since launching this initiative in October 2017. The Credit Union has commenced funding programs in mental health awareness with donations made to Head Space as well as sponsoring suicide prevention workshops in Mudgee. We will continue to promote and fund these initiatives throughout the 2019 financial year. In addition to the Mental Health initiative, Family First Credit Union funded $29,714 in Community Support Grants in May this year as part of its annual Community Support Program. This program has resulted in hundreds of thousands of dollars being returned to the community to support various community organisations, sporting and community groups, who do fantastic work at supporting those in need and encouraging partication in their communities.

For further information, please refer to the Family First Credit Union 2018 Statutory Annual Report (click here) or ask for one at any of our branches in Lithgow, Mudgee, Blackheath and Bathurst.