As of 30 September last, Mullingar Credit Union had 35,000 members and those members’ savings increased by a total of €16.4 million during the past year, while loans to them increased by €5.9 million.
These are just a few of the facts that will be presented to members of the Credit Union at the 2016 AGM, which will take place in the Greville Arms Hotel, Mullingar next Wednesday, 14 December at 8pm.
Also at the AGM, it will be recommended that a total of €1.2m be paid out to members in dividends on shares and a rebate on the interest paid on loans.
In his report for next week’s AGM, and which is being forwarded to all Credit Union members in the Annual Report, Chairman Seamus McLoughlin points out that despite the prevailing difficult economic climate, Mullingar Credit Union had a successful year, with continued growth in all aspects of their operation. Members savings increased by 11% and they had a 9% increase in investments, and their loan portfolio grew by nearly 13 per cent.
They generated a surplus of about €3.6 million for the year, which the Board considered very satisfactory, it being used to fund reserves and also to pay dividends and the interest rebate. The Directors were recommending a rebate of interest on loans of 10% and payment of a dividend on shares at 0.5%.
The total annual income for the year declined to €7.3 million in 2016 from €7.5m in 2015 while income from loans increased by €217, 000 in line with the increased levels of loans outstanding to members. Income from investments dropped by €447,000 due to lower level of return available and total expenditure decreased slightly from €3.9 million in 2015 to €3.7m in 2016.
Bad and doubtful debts written off reduced from €880,000 in 2015 to €529,000 in 2016 with a credit in the current year of €762,000 from the reduction in the provision of doubtful debts.
Savings increased by €16.4 million during the year, and loans increased by €5.9m with investments increased by €13.1m. Total reserves increased by €2.2m to €36.45m.
Mr. McLoughlin pointed out that while some of the increases were the result of the Transfer of Engagements of Kinnegad and District CU during the year, in general, they demonstrated the loyalty and trust of members in deciding to do more of their financial business with Mullingar Credit Union.
