Credit Union Annual Report 2022 - Flipbook - Page 19
The Way Forward
Going forward we expect the 2022/23 financial year will be impacted as follows:
Further increases in interest rates for commercial banks, which will enhance our competitive
position to grow our loan book as we do not plan to increase our rates in the next financial year.
Increased return on deposits not loaned to members and placed with banks due to higher interest
rates;
Increased non-interest income due to new fees being in place from March 2022.
We will continue to provide oversight of our key performance indicators to ensure the financial safety and
soundness of our Credit Union so that we can continue with our mission to help you, our members. We
remain committed to providing financial solutions to our members in a cost effective, sustainable, and
efficient manner.
I wish to thank the management and staff of our Credit Union for remaining diligent in their duties to the
organization. It is never easy to operate in a dynamic and ever-changing financial environment.
Thanks to our Auditors, EY, who conducted and completed their audit in a timely manner.
Finally, as Treasurer I am grateful to you, our valued members, for your continued support of our Credit Union
and for the opportunity to have served in this capacity.
Thank you, and enjoy the rest of your evening, and may God continue to bless you, our Credit Union and the
Cayman Islands.
Nichelle Welcome,
Treasurer
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Credit Union ANNUAL REPORT 2022