Credit Union in Kumasi declares profit

St. Martin Co-operative Credit Union (CRU), recorded a net profit of GH¢ 51,663.16 this year as against GH¢24,648.34 declared last year. Total assets of the Union rose from GH¢1,054,263.79 to GH¢1,395,679.79 within the same period.

Mr. Mathew Kwame Oppong Asare, Board Chairman of the Union disclosed these at the Annual General Meeting (AGM) of the Credit Union, in Kumasi at the weekend.

He said total savings of the Union increased from GH¢897,708.51 last year to GH¢1,117.048.68 this year whilst loans granted to members rose from GH¢630,773.92 to GH¢788,298.20 within the same period.

Mr. Asare said that membership of the Union increased from 1,620 last year to 1,988 this year because the Education Committee sensitised the people about the importance of the group. He urged management of the Union to initiate effective measures to enhance its operations.

Mr. Asare appealed to members to increase their shareholding capital to improve the capital base of the union.

He asked defaulters of loans to repay the amount to enable other customers to also benefit from the package.

Reverend Monsignor Baffour Addo, Head Priest of the Catholic Church at Atonsu in Kumasi, commissioned new offices of the Union, constructed at the cost of GH¢38,000.

He advised the management of the Union to maintain the building so that it could last long. Some of the members of the Union were presented with prizes for their contribution towards the development of the Union.

Source: GNA