2023 Annual Report - Flipbook - Page 2
Credit Union 2023 Annual Report
Helping members.
Strengthening our community
This report summarises our strategy, performance, and impacts during
2023. We publish this report along with the audited 昀椀nancial statements
on our website: www.creditunion.ky
Throughout this report, “our Credit Union” refers to the Cayman Islands Civil Service Association Cooperative Credit
Union Limited.
This report contains references to our “Credit Union Difference”, which sets us apart from other 昀椀nancial entities. Our
difference not only comes from the seven principles of credit unions, but it comes from our income model, which
results from our purpose.
Our income model further de昀椀nes our difference in our community. We endeavour to help our members by:
$
$
Charging low to no
transaction fees
compared to local
market
Having a consistent
and moderate
interest rate that
does not change
based on an
overseas regulator
Establishing a credit
policy that allows
access to more
favourable and
affordable loan
terms
Giving back up to
80% of annual
earnings to
members through
dividends
Rewarding
members with loans
with an interest
rebate of up to 3%
of annual interest
paid
This year, we are pleased to include quotes and stories from our members on their experience with our Credit Union.
These stories speak to our purpose, vision, and mission and how our Credit Union has touched their lives.