Credit Union Auckland announces half year result and reduction

By NZPA

Tuesday 30th January 2007

Credit Union Auckland has today announced its unaudited financial results for the half year ended 31st December 2006.

Chairman Greg Carll reported a net operating surplus before Dividends to Members of $354,839 compared with $157,679 for the corresponding period last financial year, representing a 23.10% return on Total Members' Equity at the beginning of the period.

A total of $235,149 has been set aside or already paid to Members as Dividends in the period which represents 18.11% of all income.

"This is a very good result for the Credit Union which comes after 18 months of hard work and consolidation of our business," said Carll.

Income was up 3% over the six months compared to the previous financial period and expenses had been tightly controlled to produce a 12% reduction.

"This clearly reflects the hard work put in by management and staff," said Carll. "The all important area of Bad and Doubtful Debts has been reduced by 50% reflecting efficient credit control and better lending practices. The future looks very bright for the Credit Union."

To mark the half year result, Credit Union Auckland has announced a reduction in some of its transactional and banking fees to Members.

"It is important to us that the benefits of this result are passed on to Members," commented the General Manager, Rob Collins.

"At a time when most financial institutions are increasing fees and charges, it is significant that we are eliminating some and reducing other fees. We can now say that all transfers between a Member's accounts are free of any transaction fee. This is just the start and we plan to review all fees again at the end of the financial year once the full result is known." he said.

"Our aim is to make banking and borrowing from Credit Union Auckland as low cost as possible for our Members. We know that we are already one of the cheapest options in the marketplace and we want to be an even better option for Aucklanders," said Collins

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