DCSL reports ‘significant growth’ for 2016
Share BusinessLocalNews DCSL reports ‘significant growth’ for 2016 by: Dominica Vibes News – April 22, 2017 Sharing is caring! Tweet Share 213 Views one comment Share The Dominica Cooperative Societies League (DCSL) has reported significant growth in its assets, loan portfolio, membership and membership savings in 2016.The League reported on its portfolio at its 60th annual general meeting held at the Garraway Hotel on Saturday 22 April 2017, which was attended by credit union representatives from across the island.The AGM was held under the theme ‘Resilience: developing a pathway to sustainable growth and development through cooperation’ with senior investigator at the Financial Intelligence Unit, Patrick George as the featured speaker.“The credit union movement continues to grow in the economy of Dominica and during the year under review, we have recorded some significant growth,” outgoing President of the Dominica Credit Union League, Murphy Wallace said.“For example, we have moved from a capital base of $665, 170 million in 2015 to $730, 121 million in 2016, so that’s a significant growth on terms of the movement as a whole,” Murphy reported.According to the report of the board of directors, the consolidated unaudited financial statements confirm the improvements in the DCSL’s financial performance.“For example, the total assets increased by 65.24 million dollars to $730, 411 million; that is a significant growth in assets, representing a 9.81% increase over that of 2015. So we continue to grow and we continue to do very well,” Murphy informed. Murphy said in the League’s loan portfolio, “significant growth” was also recorded as “we have moved from $462.38 million in 2015 to $488.53 million in 2016”.Among the League’s other achievements for the 2016reporting year, was an increase in its members and their savings.“In the members’ savings and deposits, we have realized a 3.37% growth and that represents $13.57 million. In a challenging economic time, if our members could save that kind of money, it is something that is very significant,” Murphy stated.Additionally, i the members’ share capital, the League recorded “some increase by 8.91% or 0.635 million dollars”.Moreover, the League’s liabilities increased by 653, 259 million in 2016 and this was attributed to the term deposits which witnessed a significant boost of 219, 973 million.“In terms of dollars and cents, what it really represents is 7.765 million dollars. So we have recorded some significant growth and that of itself shows the confidence of the members in their movement in terms of doing business and investing their monies with their credit unions,” Murphy explained.In terms of membership, this grew from 67, 787 in 2015 to 75, 310 in 2016 – an increase of 7, 523 members, representing 11.1%.“We also note that some of the increase we have sort of a dual membership in some of the credit unions, but that is not a significant amount,” Murphy stated.