THE WESTMORELAND Co-op Credit Union has recorded a net profit of $15.53 million for 2002, a 31 per cent improvement over the $11.9 million the year before.
According to a release from the organisation, the Credit Union continued to strengthen its capital base, transferring $12.3 million of its profit to institutional capital and declaring a dividend of 1.9 per cent to its members. It also increased its institutional capital to nine per cent of total assets.
Total assets increased by 20.7 per cent to $478.65 million, while its loan portfolio increased by 21.8 per cent.
The Credit Union said it also continued to do well attracting new members as 3,176 joined in 2002, a 14 per cent growth in membership over the previous year.
