{"id":260186,"date":"2016-10-20T18:26:42","date_gmt":"2016-10-20T18:26:42","guid":{"rendered":"http:\/\/citifmonline.com\/?p=260186"},"modified":"2016-10-20T18:26:42","modified_gmt":"2016-10-20T18:26:42","slug":"ug-cooperative-credit-union-makes-%e2%82%b53-9million-in-2015-profit","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2016\/10\/ug-cooperative-credit-union-makes-%e2%82%b53-9million-in-2015-profit\/","title":{"rendered":"UG Cooperative Credit Union makes \u20b53.9million in 2015 profit"},"content":{"rendered":"
The University of Ghana (UG) Cooperative Credit Union (CCU) Limited, has posted a net surplus income of GH? 3.919 million for the 2015\/2016 financial year, an increase of GH? 630,894.25 over the 2014\/2015 financial year.<\/p>\n
Out of this amount, GH?979,754.07 would be transferred to the statutory reserve fund while GH? 1.76 million – 45 per cent of net surplus-would be paid as dividend to members.<\/p>\n
The dividend amount represents a 34 per cent increase over last year\u2019s figure of GH? 1.315 million.<\/p>\n
Speaking at the Annual General Meeting of the Union, Dr Jonathan N. Anaglo, Chairman of the Management Board of the Union said the payment of the dividend would result in GH? 0.25 earnings per every GH? 1.00 share held.<\/p>\n
\u201cThis compares favourably to high yielding investment instruments in the Ghanaian money market,\u201d he stated, adding that management was committed to rewarding its members for their financial interests in the union.<\/p>\n
The Union\u2019s total income grew by GH? 2.283 million, a 25 per cent increase over the same period last year.<\/p>\n
Total assets also grew from GH? 46 million to GH? 61.7 million as at June 2016, a 33.55 percent increase.<\/p>\n
\u201cReturn on average assets increased to 7.3 per cent while savings deposits increased from GH? 32.76 million to GH?42.811 million,\u201d he stated.<\/p>\n
Dr Anaglo announced the Union had secured approval from the University authorities to expand its office infrastructure. Work is expected to be completed in June 2017.<\/p>\n