NCCU Continues to Contribute to Financial Services Sector; Declares 5.5% Dividend on Shares
CHARLESTOWN, NEVIS, June 6, 2022 (MMS-SKN) — Federation’s oldest credit union, the Charlestown-based Nevis Co-operative Credit Union (NCCU) Limited has significantly contributed to the country’s financial services sector in the fifty years it has been serving the people of Nevis.
President of the Nevis Co-operative Credit Union (NCCU) Limited Mrs Vernesia Walters made the remarks when she addressed members and other invited guests at its 49th Annual General Meeting that was held at the Nevis Perfuming Arts Centre (NEPAC) at Pinney’s Industrial Site in St. Thomas Parish on Thursday, June 2.
“The year 2022 is a significant time in our history when we cast our gaze at the birth, growth, development and maturity of the Nevis Co-operative Credit Union Limited and its impact over the past 50 years on the lives of our members and their families,” said President Mrs Vernesia Walters. “It is a time when we come into greater recognition that this indigenous institution is a significant contributor to the financial services sector in St. Kitts and Nevis, and more specifically, the Nevisian economy.”
The Credit Union, which was registered on July 25, 1972, is observing year-long celebrations under the theme ‘Consistency, Financial Security & Serving the Community – 50 years of Development and Prosperity’, which kicked off at the beginning of the year.
Treasurer, Mr Brian Carey, announced that even as Covid-19 continued to negatively impact the economy of St. Kitts and Nevis the credit union had recorded a modest financial performance in 2021, with positive growth occurring in all key areas, returning a net operating surplus of $1,672,046.
Members, who last year enjoyed a 5% dividend pay-out on their shares, sat keenly in anticipation waiting to hear the amount of dividend that would be offered to them this year taking into consideration that the net operating surplus in 2021 was slightly lower than that recorded in 2020.
Assistant Treasurer, Mrs Alexa Pemberton, did not disappoint the members: “The Board has decided even though we did not achieve the net income that we were hoping for – the surplus that we were hoping for – but considering that we are in our 50th year and we are celebrating, we have decided to just give a slight increase over last year’s dividend and add fifty percentage point, so this year our recommended dividend for our members is 5.5%.”
When the motion was put to the floor for approval of the payment of the 5.5% dividend, it was quickly moved by member, Mrs Brenda Fyfield, and seconded by another member, Mrs Naomi Brookes, who were both in attendance. Many members who were following the proceedings virtually also participated in all the voting that was done on the floor.
Present at the Annual General Meeting included secondary school students in Nevis and who are sponsored by the Nevis Co-operative Credit Union Limited. They were first introduced to the members by General Manager Mr Sydney Newton who chaired the meeting.
“Thank you for coming and I hope that this experience would be a good one for you,” said President Walters as she asked them to stand to be recognised by the members present and those following the proceedings virtually. “You will learn a little bit more about the Credit Union and it will spark your interest in terms of where we are going, who we are and what we have to offer.”
She added: “The NCCU has proven to be an exemplary corporate citizen offering annual sponsorships and donations to numerous social programmes of public sector institutions and community-based organizations, as well as financing a scholarship programme for the Charlestown and Gingerland Secondary Schools; and subsequently the Nevis Sixth Form College, and CFB College on St. Kitts for the past 35 years, from which sixty-eight students have benefited since its inception in 1986.”
Giving a historical background of the credit union’s growth, the President explained that the co-operative idea, in its infancy (1965 – 1972) struggled to get acceptance and support. She however advised that as at December 31, 2021, the Credit Union had on record a Membership of 6,464; Assets of $164.4 million; Savings Deposits of $137.3 million; Share Capital of $8.7 million; Loans of $104.4 million; and Reserves of $17.7 million.
“So, as we celebrate our Golden Jubilee Anniversary, let us embrace the journey and renew our commitment to the Vision: ‘To be the premier financial institution of members’, and the Mission: ‘Delivering financial products and services that consistently exceed members’ expectations’ of our great institution, and pray God’s guidance and continued blessings on all of our future undertakings,” concluded Mrs Walters.