Early Christmas Gift

24/12/2017

Around 17,000 health service staff all over the country will this week receive an early Christmas present – courtesy of their NHS Credit Union.

Every member will receive a 1% return on their savings, as they share in 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 recent Annual General Meeting of the credit union, which recorded its biggest ever surplus for the latest financial year - ending in September 2017.

 The meeting, in Glasgow’s Queen Elizabeth University Hospital, heard that:

  • Membership at the year end stood at 16,540 – up 10.79% on the previous year;
  • Member savings had reached £18,612,845 – up 10.46% on the previous year;
  • The balance outstanding on member loans stood at £13,017,378 – up 21.09% on the previous year.
  • The performance resulted in a pre-tax surplus of more than £615,000, compared to £566,477 in the previous period.

Commenting on the figures, outgoing Chairman Ally McLaws said it had been a “privilege” to see the organisation develop to its current position. He added: “I am confident that the credit union will continue to thrive in the years ahead.”

Chief Executive Officer Robert Kelly paid tribute to the efforts of staff and directors over the year, which he described 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.”

Read the digital review giving more details of how the NHS Credit Union has performed in the last financial year HERE.