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NZCU South financial results

NZCU South financial results for the year ended June 2014 and announcement of two new directors

Credit union NZCU South has presented their 2013/2014 financial results and announced two new directors at their annual general meeting on 24 September 2014.

“Positive trends have been seen in all our significant financial metrics,” said NZCU South Chairman, Bevan Killick.

“These include a 3.6% increase in revenue, 112% increase in operating surplus, 4.4% increase in total assets and 6.6% increase of $1.22m in Total Member Funds” said Mr Killick.

Due to a property revaluation there was an 834% increase in Total Comprehensive Income.

NZCU South chief executive, Tania Dickie noted in her annual report that there had been a 15% increase in personal loans, up near the levels seen in 2009, after significant decline through 2010-2013.

There was also good growth in the uptake of their Kiwi Saver scheme, provided by Fisher Funds. A unique funeral fund, Credicare, saw 21% growth.

“Support of Credicare reflects the co-operative spirit within our credit union membership of assisting others in a time of need,” said Ms Dickie.

Non-financial highlights during the year include the introduction of a mobile app, growth in the uptake of a debit card and the opening of a new branch in Sydenham, Christchurch.

“The next financial year will see a continued focus on personal lending, Kiwi Saver, money coaching and improving member’s financial confidence and financial literacy,” said Ms Dickie.

“We will continue to focus on growing membership in Christchurch,” said Ms Dickie.

At the AGM two long serving directors Peter McKnight and Peter Taylor were thanked and fare welled and new directors Janice Fredric and John Bowman were welcomed. Bevan Killick was re-elected Chairman for the fifth consecutive term.

Ms Fredric is a Christchurch based independent director with strong South Island links. She is an independent director on commercial boards and holds unpaid community roles. Mr Bowman lives in Invercargill and has held various governance positions with the Ocean Beach Credit Union and was chair of the Southland Credit Union. He holds a Diploma of Financial Services-Credit Union Directorship from ACUI Institute, Australia

- Ends -

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