University of Ghana Co-operative Credit Union declares profit

ugcuThe University of Ghana Co-operative Credit Union Limited made a net profit of GH¢3,919,016.28 for the 2015/2016 financial year as against the previous year’s GH¢3,288,221.93.

The increment represents 19.2 per cent over the performance of the previous financial year.

The Board Chairman, Dr. Jonathan. N. Anaglo who announced this on Tuesday at the Annual General Meeting (AGM), said the union will declare 45 per cent of its net surplus as dividend, which amounts to GH¢1,763,557.33, representing 34.08 per cent increase over the amount recorded last financial year.

The Board Chairman said the credit union also made a total income of GH¢ 2,283,025.36, representing a 25 per cent increase over the amount bagged same period last year.

“Interest on member savings amounted to GH¢5,613,787.00 for 2015/2016 compared to GH¢4,270,195.38 paid at the end of June 2015,” he said.

Total operating cost to all income increased from 14.87per cent as at June last year to 15.42 per cent at the end of June this year, due to marginal increase in inflation.

“This is an indicator of management’s resolve to keep operating cost under control in an unfavourable macroeconomic environment,” he said

Dr. Anaglo said total assets  of the Credit  Union grew from GH¢ 46.2 million to GH¢61.7million, representing a 33.55 per  cent increase as at June 2016, while return on average assets increased to 7.3 per cent at the end of the financial year compared to 7.11 per cent in June last year.

Savings deposits increased from GH¢ 32,761,520.93 to GH¢ 42,811,124.93, while Kiddy account deposit at the close of June 2016 recorded an increase of 111.74 per cent.

The General Manager of Credit Unions Association (CUA), Nana Kwasi Agyapong, who was the guest speaker called on the board to provide adequate information flow and transparency in its operations.

He also urged the Credit Union to support policies and programmes that would promote stability and growth.

The Vice Chancellor of the University of Ghana Prof. Ebenezer Oduro Owusu, told members to continue to save towards their future, saying “it is necessary to save today to overcome difficult times in the future”.

He appealed to them to repay loans received from the union on time, and advised management to be accountable to members to foster trust.

 

By Jemima Esinam Kuatsinu   

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