Calvary Credit Union posts 150% growth in profit

Business News of Wednesday, 10 April 2013

Source: B&FT

Calvary Community Cooperative Credit Union at Fiapre near Sunyani in the Brong Ahafo Region has chalked up an unprecedented feat in its financial standing record, as it recorded over 150% growth in profit after tax in 2012 year under review. According to the financial statement of the Credit Union, profit after-tax soared from GH¢8,803.48 in 2011 to GH¢23,378.91in 2012.

This is against the backdrop that total income of Calvary Community Cooperative Credit Union increased from GH¢71,796.22 in 2011 to GH¢95,799.63 last year.

The immediate-past Board Chairman, Nana Takyi Ababio, who announced these at the 7th annual general meeting of the Credit Union held at Fiapre in the Sunyani-West District of Brong Ahafo, attributed the success to hard work, commitment and dedication on the part of all stakeholders, adding that the status of it within the purview of financial indicators marks an important milestone in the history of the Credit Union.

Calvary Community Cooperative Credit Union’s interest on loans went up from GH¢57,151.48 in 2011 to GH¢83,225.49 in the year ended December 31st, 2012.

The total operating expenses in the year under review summed up to GH¢72,420.72, an increase over GH¢62,992.74 which the Credit Union used for its operations in the previous year. Its total assets as at December 2012 is estimated at GH¢597,224.11 — awesomely higher than the 2011 figures of GH¢383,195.35.

“Our membership has so far risen from 1,475 to 2,036; thereby increasing our savings. This has therefore boosted our ability to grant loans to our members,” he added. Nana Takyi Ababio entreated members of the Union to step up their savings to warrant them more financial assistance, and further impressed on them to pay back their loans on time in order to make funds available for others to benefit.

Calvary Community Cooperative Credit Union was established in February 2004 with the vision of helping to reduce poverty and improve upon the standard of living for the people of Fiapre and its environs.

Meanwhile, Mr. Michael Amponsah, the Brong Ahafo Regional Deputy Director of the National Commission for Civil Education (NCCE), has been elected as the new Board Chairman of the Credit Union.