NMCU to pay out €1 million in dividends to members
North Midlands Credit Union will pay out almost one million euro in dividends to its shareholders this year.
According to its annual report, released ahead of next Wednesday’s annual general meeting, which will be held online, NMCU will pay out €990,000 in dividends this year. It is the first time in three years that the credit union has been in a position to do so.
Speaking to the Westmeath Examiner, manager Tom Allen explained that the past financial year, which ended on September 30, was a good one.
“We had a very successful year. We had a surplus of €5.2m. A lot of that has to go into keeping the reserves that we are required to have by the Central Bank, but for members we are paying a dividend this year, and it’s the first time in three years. It’s great news to be back paying a dividend to our members and rewarding them for saving with the credit union.
“We are paying out about one million euro and we hope to build on that in the future as we recover. The credit union, like a lot of other businesses, suffered during Covid and the negative interest rates and the depressed economy over those years.
“We have recovered well and are looking ahead and hope to be able to give a better return to our members in the future.”
The surplus of €5.2m is an increase of €3.8m on the previous financial year, while members savings now stand at €419m, an increase of €37m. This includes €14m from the former Lanesboro Ballyleague Credit Union, which joined NMCU in October last year.
Almost 360 local groups were allocated funding from NMCU’s Social and Cultural Committee and a total €160,000 was paid out last year, while €45,000 was distributed to local secondary schools.
Loans to members increased by almost €14m last year and are now at a record high of €109m.
In his annual report, chairperson Conor Isdell said that lending is NMCU’s “core activity and our main source of income”.
“Our suite of loan products now encompasses Greenify Loans, directed at members hoping to retrofit their homes to make them more energy efficient and environmentally friendly, agriculturally focused secured and unsecured Cultivate Loans, Reduced Rate College Loans, Home Mortgage Loans and our Standard Rate Personal Loan. We continue to increase the number of ways by which members can access these loans, with full online application and drawdown facilities available and proving popular with members.”
NMCU was the main sponsor of this year’s Fleadh Cheoil na hÉireann, as it was in 2022. Congratulating the organising committee “for their tremendous work in hosting hugely successful music festivals both this year and last”, Mr Isdell said NMCU was “delighted that we were in a position to support and assist the committee financially and by making available part of our premises for the provision of the medical centre during the event”.
Wednesday evening’s AG will be held on the Zoom portal and will start at 7pm. Mr Isdell said that the decision was taken to hold the AGM online “as it is deemed more convenient and accessible to all of our members throughout our common bond”.