The Anaji Christ the King Cooperative Credit Union recorded a profit of GH¢ 102,805.01 in 2010, as against GH¢ 28,173.22 in 2009.
Mr Isaac Sam-Cudjoe, Board Chairman of the Union, who announced this at the Annual General Meeting of the union at Takoradi, said the credit union was able to achieve over 72 per cent increment in profit margin in 2010, due to prudent management policies.
He said the total savings for the year under review also stood GH¢ 1,796,644.00t whiles total shares amounted to GH¢ 292,570 out of which GH¢ 1, 515,084.39 was granted to members as loans.
Mr Sam-Cudjoe added that, the interest rate on savings had also been increased from six percent to eight percent and possibly to 12 per cent this fiscal year.
The Unions total liquid investment stands at GH¢ 468, 269.00.
Mr Sam-Cudjoe said the union would continue its core business of mobilizing savings and granting loans to members, in order for them to embark on provident and productive ventures aimed at poverty alleviation.
“There is evidence that about five thousand 5000 members of this credit union are in good business and are contributing immensely to the economic activities of our dear nation”, he added