Nkoranza Presby CUA makes profit

The Nkoranza Victory Presbyterian Co-operative Credit Union (CUA), declared a net profit of GH¢ 216,519.94 for the 2013 financial year, the amount representing 46.24 percent increase over the previous year’s record of GH¢ 148,054.52 .

Mr Benjamin Adu-Darko, Chairman of the Union’s Board of Directors who disclosed this at the Ninth Shareholders Annual General Meeting (AGM) at Nkoranza in the Brong-Ahafo Region, said the Union’s Ordinary Savings increased from GH¢1,569,151.15 to GH¢1,856,452.35, indicating an increase of 18.31 percent.

Mr Adu-Darko said share capitalization also recorded GH¢316,932.63, as against GH¢218,620.87 for the previous year.

He said the Union granted GH¢1,125,728.23 as loans to members within the period, adding that the figure was 46.97 per cent over the 2012 disbursements .

He dislcosed that GH¢55,459.28 was paid as dividends to members, while GH¢47,274.30 was also paid as interest on savings.

Mr. Adu-Darko said the Union’s assets totaled GH¢2,602,057.05, an increase of 45.47 percent over the previous year’s record of GH¢2,039,616.83.

He said membership increased from 1,321 to 1,451, with 633 males and 798 females.

He lauded the hard work and efforts of the staff for the continuous success of the Union, adding that new branches had been opened at Amantin and Atebubu to increase the groups and societies to 20.

Mr Douglas Kwasi Marfo, Manager of the Union, urged shareholders to lead the campaign to win more customers, but cautioned them to ensure the registration of trust-worthy people who would engage in genuine business to enhance the growth of the Union.