H.R.C.U. racks up another successful year

Belize’s most popular single financial institution, the Holy Redeemer Credit Union, held its sixty-third annual general meeting last night and as has become commonplace, reported strong financial results. As of March thirty-first of this year, assets totalled over two hundred and sixty-three million dollars, an increase of nine point one percent. Investments reached almost sixty million, with reserves totalling over fifty million. Net profit for the year came to eighteen point seven million dollars, which means that the H.R.C.U.’s thirty-nine thousand plus members will realise dividend returns of seven point five percent on savings and an interest rebate of ten percent on all loans in good standing.

In related news, the board of directors has decided to create an in-house credit committee of senior and junior loan officers who will have the power to approve most loans without forcing customers to wait on the traditional Wednesday meeting of the member elected credit committee. The elected committee will assume a supervisory role and will make decisions on loan applications falling outside the limits of the in-house committee.