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Posted: Wednesday 9 September, 2009 at 9:54 AM

Police Credit Union reports nearly EC$2 million in surplus, total assets near EC$25 million mark

Members of the Royal St. Christopher and Nevis Police Force (Photo by Erasmus Williams)

By: Erasmus Williams, CUOPM

BASSETERRE, ST. KITTS, SEPTEMBER 8TH 2009 (CUOPM) - The Police Co-operative Credit Union (St. Kitts and Nevis) Limited is reporting a record gross surplus of EC$1.7 million in 2008 compared to EC$1.6 million in the previous year.

In its annual report, the Police Credit Union reports a record of EC$260,837 in Interest on Loans, total revenue of EC$2.1 million and total assets of EC$23.2 million for 2008.

“Total Revenue recorded for 2008 was EC$2,145,614, a slight increase of EC$82,494 percent over 2007. The main activity of the Credit Union is the granting of loans, which contributed EC$1,838,871 or 86 percent to total revenue through interest income,” said the Report.

The Police Credit Union said expenses for 2008 were EC$435,228, while the projected budget was EC$502,600, a difference of EC$67,372 or 13 percent.

At the end of financial year 2008, the Police Credit Union loan (gross) portfolio stood at EC$18.6 million up from EC$16.3 million in 2007, an increase of EC$2.2 million or 14 percent.

It reported a slight decrease in the number of loans disbursed in 2008 over 2007. In 2007, a total of 714 loans were disbursed, compared to 708 in 2008, a reduction of 6 or 1 percent. The value of these loans also declined. In 2007, EC$6.1 million was paid out, compared to EC$5.4 million in 2008.

“What is significant however is the 100 percent increase in the number of loans for business investments. The Society continues to support and encourage its members to invest in their own small businesses, as this is an engine of growth in any economy, while providing an additional means of income for members, thereby improving their standard of living and economic position,” said the Treasurer Inspector Cromwell Henry in his annual report.

He reported that total assets of the Police Cooperative Credit Union, established in 1984 stood at EC$23. 2 million at the end of 2008, an increase of EC$1.5 million or 7 percent over 2007.

“As it is the core of our business, loans represent EC$18.6 million or 80 percent of the total assets portfolio,” said Inspector Henry.

The Police Credit Union is also reporting an EC$1.1 million or 9 percent increase in regular shares in 2008 over 2007. In 2007, regular shares stood at EC$13.2 million compared to EC$14.3 million in 2008.