Credit unions reveal record amount of lending & saving in 2017
12 Jan 18
As 2017 drew to a close many ABCUL member credit unions were reporting record trading results for the year in an encouraging sign of the sector’s growth potential – allowing credit unions to enhance the financial health of more people across the UK.
In Wales, Merthyr Tydil Borough Credit Union revealed that their Christmas Savers Club saved grew by 20% compared to 2016.
In Merseyside, Enterprise Credit Union’s branch in St. Helens has increased its lending from £160,000 to £435,000 just one year since opening - a fantastic milestone from a credit union growing strength to strength.
Also, in Scotland, NHS Credit Union have revealed that loans issued to members in the first quarter of the new financial year (October 1 to December 31) totalled a record £3,039,642.42. That’s up more than £500,000 on the same period last year.
In addition, the organisation welcomed 555 new members into their ‘financial family’ in the same period – an increase of almost 56% on the previous year. The figures also show that more than 3180 members took advantage loans from the credit union in that first quarter… more than 500 up on the corresponding period in the previous year.
The growth follows a record breaking year for the credit union in 2016-2017 which saw almost 17000 health service staff all over the country share in a record dividend pay-out. Every member received a 1 % return on their savings, from a total dividend pot of almost £163,000. It’s the fourth successive year the dividend rate has increased, and the 1% figure more than matches the interest rate on offer to most customers saving with High Street banks.
Commenting on the organisations results, Chief Executive Officer Robert Kelly paid tribute to efforts of staff and directors, describing the performance as a “tremendous success”. He added “the overall picture for the business is hugely encouraging, and I’d like to thank all our members for their continued support”.
ABCUL Chief Executive, Mark Lyonette, said: “News like this from credit unions across the country is a fantastic way to start the New Year. Credit unions have huge potential to grow and meet the needs of more and more people across the country and Enterprise, NHS and Merthyr Tydfil are just a few examples of how credit unions are living up to that potential.”