G U T Credit Union Reports Strong Financial Growth for 2016

Cross section of GUTCU members

On 20 April, the G U T Credit Union held its 33rd Annual General Meeting at the GBSS under the theme “Anchored in our Cooperative values; investing in our people.”

Despite challenging economic conditions and a competitive market, the Credit Union was able to meet and exceed its targets for last year. “This year’s theme reflects the commitment of the G U T Credit Union to the development of our membership through the superior member services offered,” shared Retesha Smith-Boyd, General Manager of GUTCU. “It also signifies our dedication to our cooperative philosophy of people helping people: ensuring that our credit union positively impacts the lives of our members and the society as a whole.”

Some of the highlights reported were:

  • Launch of its new Freedom loan product with a competitive interest rate of 8.5%
  • A growth in Savings by 14.21%
  • A growth in Assets by 15%
  • A growth in Loans by 17.41%
  • A growth in Institutional Capital by 48.7%
  • A growth in Surplus by 82%

At the meeting, the Credit Union’s Board and members also paid tribute to its former general manager, Samuel Britton, who retired last month. Mr Britton was one of the founding members of the G U T Credit

Union and served as its manager for the last 20 years. For 2017, the credit union expects to continue to expand its products and services to meet its members’ needs with the introduction of three ATM machines and a debit card on the Connex network.

Winners of the $1,000 voucher to Le Chateau Restaurant: Beaulieu RC School

Source: G U T

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