SRI Credit Union declares over GH¢40,000 surplus for year 2011

The Soil Research Institute’s (SRI) Cooperative Credit Union has declared total surplus of  GH¢40, 940.80 on its operations this year 2011.

This represents an increase of GH¢19,933.91 over the previous year’s figure of GH¢21,006.89.

Total loans to members also went up from GH¢517,832.54 to GH¢639,544.68.

Dr Nuhu Issaka, Board Chairman of the Union, said this when addressing their 12th annual general meeting (AGM) at the Sofernet Complex at Kwadaso in Kumasi.

This year’s AGM was on the theme “Meeting the financial needs of members.”

He said during the period their assets saw a significant rise from GH¢1,020,178.08 to GH¢1,442,413.42.

At the same time the union’s share capital hit GH¢221,976.15 from GH¢163,642.19.

Dr Issaka said the strong performance was the result of prudent financial management and adherence to best practices.

He said they would continue to provide soft loans to members and assist them to own houses.

The union is coming out with a scheme under which members interested in constructing their own buildings would be supplied with cement blocks.

He encouraged them to save with it to attract loans for s more secured future.

Source: GNA