Wexford Credit Union records €3.6m surplus
Wexford Credit Union generated a surplus of €3.6 million for the year ended September 30, 2019, according to their newly published annual report. Meanwhile, nearly €383,882 in bad debts was written off in 2019, representing a significant drop from €741,503 the previous year.
As a result of this, the decision has been taken to pay a dividend and interest rebate of over €1.2 million to members.
Chairman of Wexford Credit Union has put the branch's strong performance down to 'improving external economic conditions' in a year which has seen increases in savings, loans outstanding and investments.
Income for the year increased from €7.7 million in 2018 to €8.1 million in 2019 while regulatory reserves at year-end stood at €25.8 million.
Mr Roche stated that interest for the year from members' loans was up slightly on 2018, while income from investments increased 'despite a significant reduction in the level of investments returns available to the credit union'.
Salary costs increased by €84,368 on last year.
Mr Roche stated that this reflected 'the investment in additional staff and pay agreements.'
Loans outstanding were also on the rise from €74 million in 2018 to €76.7 million at the end of 2019, while mortgage lending amounted to almost €2.8 million at year end. New lending was down by 2.58% on 2018.
Total savings for Wexford Credit Union increased by €16.8 million on last year and stood at €197 million. Investments for 2019 stood at €146.4 million, an increase of €13 million on the previous year.
2019 saw a total of 1,463 new accounts opened at Wexford Credit Union, bringing the current membership to 43,000 members.
The Chairman wished to thank all of these members for their support over the past year, as well as the staff and management for all their hard work.