The St. Patrick’s Co-operative Credit Union Ltd. (SPCCU) has been in existence long before it was registered as such in 1969. The co-operative was actually established for the catholic congregation on June 18, 1957 encouraged by a Catholic nun and Bishop Antoine Demets.
It later opened its doors to all and tith a current membership of 4,227, the co-operative held its 46th Annual General Meeting at its Credit Union House hall in Brades, under the theme “Building Resilience On The Positives”. The Board tabled its Audited Financial Statements 2015 & 2016 prepared by PKF Antigua, St John’s, Antigua and Barbuda and prior to that various reports by the Board, Credit Committee and the Supervisory Committee.
The SPCCU reported in the face of poor domestic regional and global economic conditions it recorded a surplus of $192,927 in 2016 compared to net profits of 97,041 in 2015.
Its assets grew from $48 million in 2014 to $56.5 in 2017. This represents growth in assets of $5.6 million or 11% the 2016 financial year, compared to growth of $2.4 million or 5% in 2015.
Members deposits grew by approximately $4.9 million or 10.7% during financial year 2016 to close at $50.8 million. This was preceded by growth in deposits of 5.7% in 2015. Also of importance, savings deposits also known as core deposits registered the growth of approximately $3.9 million 15.9% over financial year 2016. This compared to 3.9% the previous year.
These represent growth trends in the right direction, but, the Board says it is still under capitalized.
SPCCU Members have expressed satisfaction for the progress made by the Cooperative with an attractive booklet, when it is considered during the height of the volcanic the institution was encouraged to fold when the going had hit rock-bottom.
