St. Peter’s Credit Union makes 284% rise half-year profit

The Saint Peter’s Co-operative Credit Union in Kumasi made a net profit of GH¢133,099.19 in the first half of this year, Dr Anthony Kwaku Edusei, President of the Board of Directors, has announced.

This shows a 284% rise compared with the year 2011 figure of GH¢34,679.85 during the same period.

He said total assets also shot up to GH¢7,296,212.43 from GH¢6,053,587.98, representing a 21%  increase.

Dr Edusei was speaking at the inauguration of a branch office of the Credit Union at the Moro Market at Tafo-Nhyiaeso in Kumasi.

Established by the St. Peter’s Commandery of the Knights of the St John International, a benevolent society within the Catholic Church, it now has a membership of about 10,000.

He said they had acquired a stretch of land at Bomso in the Afigya-Kwabre District for development into affordable housing units for contributors.

They had already completed 15 of these while work on six others is steadily progressing.

Dr Edusei spoke of plans to open more branches to bring their services closer to the people.

The Chief Executive Officer, Ms Monica Osei-Afriyie, said their products include vehicle loans, special savings account and mobile banking.

Mr Kofi Nsiah Amponsah, the Regional Director of Credit Union Association (CUA), underlined the need to ensure effective supervision by the board to protect the contributors’ money.

Source: GNA