Rhand Credit Union which is one of the largest credit unions in Trinidad & Tobago held its 64th Annual General Meeting last Saturday simultaneously at the UWI Sports and Physical Education Centre, St Augustine and at the Works Lecture Room, Tobago, thanks to technology.
The society which has 18,000 active members had an increase of 22.89 million dollars in its Asset Base (which now stands at $417.4 M) for the financial year ended December 31, 2011.
However, the Board of Directors Report indicated:' The year 2011 mirrored 2010, in being a challenging one for financial services organizations more particularly Credit Unions, as the business climate continued to be coloured by the following developments: sluggish economic activity, depressed credit demand, falling interest rates, etc'
The General Manager pointed out that the credit union was in good health except for the matter of rising Expenditure and falling Income; he said: " the Operating Costs are too high."
The society exceeded all the Pearls and Efficiency Financial Ratios except the Productivity Ratio. The Earnings Performance showed that sixty-nine (0.69) cents of every dollar was consumed by Expenses.
The Credit Union, like many other large and medium sized financial institutions, holds significant Investments in CLICO and is also feeling the pain from the extremely low returns on Investments generally. Dividends on Members' Shares at the rate of 2.5 % for the 2011 financial year were declared.
During the last financial year Tobago was represented on the Supervisory Committee by Pamela Ogiste and she was re-elected.
The local leg of the AGM was attended by more than 125 members.