08.18.07
SCU’s general reserve and liquidity rise
Last year, the Seychelles Credit Union (SCU) recorded a 13.71% rise on its general reserve. The total funds employed were SR 55 363 756 at the end of 2006, compared to SR 49 613 322 in 2005 and SR 50 055 129 in 2004.
During the same period, capital available for immediate disbursement to clients – or liquidity – has risen by 137% and reached a total of SR 19 084 401, which is a threefold increase over the 2005 figure.
However, as regards income collected by the Seychelles Credit Union during 2006, a drop of over SR 300 000 has been recorded. The income collected in 2006 garnered a total of SR 4 853 556, compared to SR 5 229 049 collected in 2005.
Still, the SCU has recorded an increase of 7.18 % in surplus for 2006 because it lowered it expenses from SR 4 132 359 in 2005 to SR 3 739 167 in 2006, hence accumulating the net benefit.
The above-mentioned figures were provided to the more than 80 members of the Seychelles Credit Union by the Chief Executive Officer, Mr Louis Shamhong, during the recently held 37th annual general meeting.
In the report of the Management Committee, its Chairman Dr Larose indicated that, as compared to 2004, the SCU now stands is a really strong financial institution.