Family First records one of its best years in its history
Family First approved the release of its Statutory Financial Statements for 2019 Financial Year at its board meeting held on Monday with the performance being regarded as one of the best in its 52 year history.
Board Chair Colin Lenton was thrilled with the performance of Family First over the year. 'This result is certainly by no means a fluke as it is the culmination of a number of years hard work from our dedicated team of Directors, management and staff. It is credit to this organisation to perform at such a high level in such challenging times' he commented.
The annual report highlighted the following achievements made throughout the 2019 financial year as follows:
- After tax profit increased by $124,586 or 20.1% to $742,975
- Members that utilise us as their main financial institution increased by 7.6% to 765
- Member deposits increased by $19,881,372 or 16.6% to $139,564,107
- Loans increased by $19,296,567 or 18.3% to $124,801,580
- Total assets increased by $23,120,112 or 17.2% to $157,329,136
- Capital adequacy decreased to 15.8% (2018 – 16.8%)
- Minimum Liquidity Holdings (MLH) decreased to 15.4% (2018 – 16.6%)
- Total liquidity decreased to 19.3% (2018 – 19.6%)
- Capital increased by $869,393 or 8.0% to $11,715,571
- Total Risk Weighted Assets increased by $9,604,564 or 14.9% to $74,161,497
- Operating expenses increased by $59,532 or 1.5% to $3,983,651
- Impairment expenses decreased by $23,850 or 63.6% to $13,637
- Interest margin increased by $279,766 or 7.1% to $4,218,594
In addition to the results recorded above, probably the most notable achievements came out of the well known work that has been in the community over the past 12 months. CEO Darryl Macauley praised the members of the Credit Union that have supported our mental health initiative which has helped raise $27,914 for the support and education around mental illness. A further $29,171 was committed to the Community Support Grant Program held in May taking Family First's social contribution to the community up to $57,085 or 7.7% of net profit after tax.
Click here for the 2019 Statutory Financial Statements.
The 53rd Annual General Meeting of Family First Credit Union Limited will be held on Tuesday 19 November 2019 in the Boardroom at Family First's Head Office at 1 Ordnance Avenue Lithgow.