Record figures for NHS Credit Union in first quarter of the new financial year | Glasgow Chamber of Commerce
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Record figures for NHS Credit Union in first quarter of the new financial year

Figures just released by the NHS Credit Union reveal that loans issued to members in the first quarter of the new financial year (October 1 to December 31) totalled a record £3,039,642.42. That’s up more than £500,000 on the same period last year.

In addition, the Glasgow-based organisation welcomed 555 new members into their “financial family” in the same period - an increase of almost 56% on the previous year.

The figures also show that more than 3180 members took advantage loans from the credit union in that first quarter … more than 500 up on the corresponding period in the previous year.

The growth follows a record-breaking year for the credit union in 2016-17 which saw almost 17,000 health service staff all over the country share in a record dividend payout

Every member received a 1% return on their savings, from a total dividend pot of almost £163,000. It’s the fourth successive year the dividend rate has increased, and the 1% figure more than matches the interest rate on offer to most customers saving with High Street banks.

The payout was agreed at the credit union’s Annual General Meeting, which heard that the financial co-operative had achieved a pre-tax surplus of more than £615,000 in 2016-17, compared to £566,477 in the previous period.

Commenting on the organisation’s results, Chief Executive Officer Robert Kelly paid tribute to the efforts of staff and directors, describing the performance as a “tremendous success”.

He added: The overall picture for the business is hugely encouraging, and I’d like to thank all our members for their continued support.”

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