Eastern Credit Union's income in 2013 at $151.3 million was the highest it has been in the ten years, according to the credit union's annual report.Between 2012-2013 there was a rise in the loan interest income from $120.1 million to $125.4 million. The credit union's income increased by 6.7 per cent, or $9.6 million, moving from $141.6 million in 2012 to $151.2 million in 2013.Income earned in 2013 was distributed in the following manner:
�2 interest on loans $125.4 million
�2 investment income $9.3 million
�2 miscellaneous financial income $16.6 million
In 2013, a total of 27,998 loans to the value of $452.1 million was granted by the union compared with 2012 figures of 25,515 and $373.0 million, respectively.This figure represented the largest number of loans disbursed to members for the period 2004 to 2013.The credit union increased the value of its loans to its members by $82.9 million for the 2013.
Of the various types of loans available to members, those applying for credit to buy, build or repair houses received $148.6 million. This was followed by members requesting consumer loans: $127.1 million. Those who borrowed to purchase vehicle: $77.3 million.The number of members borrowing to purchase consumer items totaled 12,487, which was the largest number of loans disbursed by the credit union in 2013. The total number of loans for housing was 5,717, while the number of vehicle loans totalled 2,273.
Net surplus for 2013 was $45.5 million which represented an increase from 2012 by $6.5 million.Total shares increased every year from 2004 to 2013 at ECU with an increase of $77.5 million from 2012 to 2013.Within the resolutions of the annual report 2013 for special shares, "a dividend of 4.0 per cent be declared and credited to members deposit accounts." As well as a dividend of "3.0 per cent be approved for dividends be credited to members' share accounts consistent with Bye-Law 25 (c) (i)."
President of the credit union, Gloria Rolingson, said Eastern has 160,000 members and was established more than 40 years ago, in 1973.With respect to the introduction of new services, Gloria Rolingson told the Sunday BG that Eastern was in the process of implementing new systems that would allow members online access to their accounts.
Some 6,321 new members at the credit union's nine branches made share contribution that amounted to $20.9 million in 2013. The branches are located in Arima, Barataria, Chaguanas, Port-of-Spain, San Fernando, Sangre Grande, St Joseph and Tunapuna.
Deposits at the credit union also increased every year between 2004 and 2013.The reserve fund, according to the performance highlights in ECU annual report, was $76.4 million in 2013 and $71.8 million in 2012, a $4.6 million increase in the fund.