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NZCU Baywide Celebrates 40 Years

September 30th, 2011 -

40th AGM

 Members, staff and directors came together on Monday night at the Hawke’s Bay Opera House to celebrate NZCU Baywide’s 40th anniversary.

The Credit Union was formed in 1971 and from very humble beginnings in Whakatu is now proud to now be acknowledged as New Zealand’s largest Credit Union.

At the AGM, NZCU Baywide chief executive Gavin Earle announced a $1.066 million operating profit, an increase of 50 percent from last year.

“Overall, NZCU Baywide continues to perform very well. Our stable, broadened, market foothold in the regions we operate in provides a solid platform form which to grow and prosper in a challenging market,” Mr Earle said.
“We have worked closely with members that are financially finding it tough while some are also saying they are in a slightly better financial position.
“Our role is to help members achieve their financial goals, while maintaining support of the community.
“Our members are our customers, as well as the owners of our business. Everything we do is for the ultimate benefit of our member-owners,” he added.

Year highlights
• A $1.066 operating profit
• 33 percent reduction in loan default related expenditure
• Total assets increased by 12% ($18.6 million) to $168 million
• 13.9 percent liquid asset ratio
• Merger with Wine Country Credit Union
• Member reserves of $27.4 million
• New branch in Wanganui and relocation of Wainuiomata

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