The Swedru Teachers’ Co-operative Credit Union (STCCU) made a giant stride in profit, the first of its kind since the Union was established forty eight years ago.
At its 16th 2016|2017 Annual General Meeting (AGM) held last Friday, the Union declared a profit margin of GH 817,017.50 Cedis-a percentage increase of 1,049 as compared to GH 71,065.5 Cedis the previous year 2015|2016, with a total asset of GH 11,811,132.43 Cedis, an increase of 15 percent.
Its Income also raised from GH 2,086,697.58 Cedis to GH 3,194,469.84 Cedis, as compared to the same period.
This was revealed by the Board Chairman of the Union, Mr. John Egyin Buadu.
But despite the these leap in stride, he hinted that loan delinquency remains the major challenge confronting the Union, and as such has to resort to legal action against some of the defaulters, a situation he disclosed was not originally in the interest of the Union.
In the year under review 2016|2017, 936 members of the Union applied for loans, and total amount of GH 4,248, 590.00 were disbursed.
The Union was adjudged the best Micro Finance Institution at the recently-held Agonaman Achievers Award in Agona Swedru.
By. Robert Ayanful