Successful year for Capricornian
THE Capricornian's Chairman Tony Edwards is celebrating a successful financial year.
The 2013/2014 financial year has seen community-owned credit union, The Capricornian, deliver exceptional results for its members.
"Together we have achieved good results against our goals and have moved in a positive direction, in, at times, difficult economic conditions," Mr Edwards said.
The Capricornian reported a pre-tax profit of $1.625 million for the 2013/2014 financial year.
"This is an increase of 74% from the pre-tax profit of the previous financial year," he said.
"As a result, member's equity in our credit union has grown, increasing by $1.15 million and standing at $18.9 million.
This is a 66% increase compared to the previous year." Mr Edwards said.
Despite a difficult lending market, The Capricornian has seen a 5.4% increase in their housing portfolio during the year.
The Credit Union held assets totalling $279 million at the end of the financial year.
Total savings deposits held on behalf of its member's within our communities stood at $258 million.