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NZCU South financial results for the year ended June 2015

Media release – embargoed until 5.30pm.

17 September 2015

NZCU South financial results for the year ended June 2015. Vote to implement a securitisation programme - a first for NZ credit unions

Credit union NZCU South has presented its 2014/2015 financial results at its annual general meeting on 17 September 2015.

Members also passed a vote to implement a securitisation programme. This will be a first for a New Zealand credit union and means NZCU South can expand and diversify its funding sources to grow its loan book in both the personal and home loan market.

“We continue to see positive trends in all our significant financial metrics,” said NZCU South Chairman, Tony Dunstan.

“These include a significant increase in operating surplus, a 10.5% increase in total assets and a 4.5% increase in Total Member Funds,” said Mr Dunstan.

NZCU South chief executive, Tania Dickie noted in her report that there had been a 13.5% increase in personal loans and mortgages. Christchurch, Nelson and Dunedin saw an increase in approved mortgages.

The credit union promotes thrift and financial confidence and literacy and this was reflected in the continued uptake of their Kiwi Saver scheme, provided by Fisher Funds.

“Some interesting patterns are appearing with the increase of Generation Y members and growth in Christchurch,” said Ms Dickie.

“We’ve seen a 26% increase in Christchurch members and loan book increase of 90% in Canterbury.

“The next financial year will see a continued focus on Generation Y, those working in the trades, growing membership in Christchurch, growing personal lending, Kiwi Saver and money coaching,” said Ms Dickie.

NZCU South is also establishing three Young Achiever Awards of $5,000 each to provide an opportunity for young credit union members or family of members to reach their academic, cultural/arts or sporting goals within New Zealand or overseas.

At the AGM, an announcement was made around an Associate Director programme designed to foster future board room talent. The programme is aimed at providing governance experience to members of Credit Union South at the outset of their governance careers. It will be a non-voting, non-remunerated role. Governance training and mentoring will be provided to the successful appointee. Chair Tony Dunstan said applications will be called for shortly.

- ENDS –

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