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20.11.2010 Business & Finance

Credit union declares profit

By GNA
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Kumasi, Nov 19, GNA - The Crop Research Institute (CRI) Cooperative Credit Union Limited has declared a profit of GH¢286,743.19 on its operations this year.

Ms Joyce Haleegoah, the Board Chairman, said this represented a 46.39 per cent increase over that of the previous year.

She was addressing the 13th annual general meeting of union at Fumesua in the Ejisu-Juaben municipality.

She told the contributors that during the period its total assets shot up to GH¢ 1,869,228.33 from GH¢ 1,350,575.54.

At the same time there was a remarkable rise in savings from GH¢ 1,102,771.04 to GH¢ 1,503,217.15, a 36.32 per cent increase.

Ms Haleegoah said loans to support members to expand their businesses and take care of education needs and other pressing commitments came up to GH¢1,313,146.99 as against the year 2009 figure of GH¢1,025,769.83.

She described the performance of the credit union during the financial year as impressive and said the management would continue to ensure discipline and best practices to sustain the growth achievements.

A former Ashanti Regional Chairman of the Credit Union Association (CUA), Mr Ken Attah Danquah, called on loan beneficiaries to make sure they meet the re-payment schedule to enable others also to enjoy the facility.

He said over the years the credit union had significantly assisted to bring comfort and raised the living conditions of many people.

Mr Charles Kwaku Boateng, a Principal Co-operative Officer, lauded the credit union for the giant strides it was making and said the momentum should be maintained.

GNA

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