The sixth Annual General Meeting of members of Community Alliance Credit Union Limited was held on Friday 12th February 2010.
In her Chairperson’s Address, Mary Youssif reported that despite a turbulent 2008/2009 financial year, the Credit Union had achieved a modest growth in assets. Ms Youssif said the Credit Union’s profitability was lower due to the global financial crisis, pressure on the interest rate margin and some underperforming investments; however the organisation enjoyed high liquidity and a strong balance sheet.
Ms Youssif said the highlight of the 2008/2009 year was being named Credit Union of the Year by the influential Money magazine. She also pointed out that the Credit Union had limited its interest rate rises during the year to those of the Reserve Bank, unlike some of the major banks, which implemented larger rises.
Ms Youssif thanked Credit Union management, staff and her fellow board members for their dedication during a difficult year. She said the Credit Union is now in a phase of consolidation and that rewarding the loyalty of members was the organisation’s number one priority in 2010.
CEO Mike Halloran reported that deposits had increased by more than 10 percent during the year and that the Credit Union was benefiting from an increase in at call deposits via the CU+Saver account. This change in the organisation’s balance sheet mix has resulted in an increased interest margin over the last six months.
He also noted the increase in non-interest income, including insurance, financial planning and consultancy fees.
Mr Halloran said operating expenses have also reduced and are now lower than 2005 levels. The Credit Union’s loan portfolio is also in good shape and well above the industry average.
Mr Halloran reported that the Credit Union has achieved an operating profit of $1.15M in the first seven months of the 2009/2010 financial year and said it is in good shape for an operating profit of $2M for the period.
It was announced at the Annual General Meeting that former Chairman Tom Deigan and former Western City Credit Union Director, Jan Dillon were retiring from the Board. Colin Markham had also retired from the Board during the year. The Board has decided not to replace these Directors at this time and the Board will now consist of six Directors.
The resolution to maintain the level of Directors remuneration was passed.
Director John Swan than gave a vote of thanks to Credit Union staff on behalf of the Board and members, for their attitude and dedication during such a difficult year. He also thanked members for their continued support of the Credit Union.
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