AGM told of best year ever

Members attending the 2011 Annual General Meeting last month heard that the Credit Union has experienced its best year ever, with a record operating profit, strong asset growth and more national and local industry awards.

Operating profit before tax for 2010-2011 had improved from $1.55 million in 2010 to a record high of $2.5 million. The Credit Union’s total assets also increased by 8 per cent, recently reaching $500 million for the first time.

CEO Mike Halloran said the Credit Union had experienced strong growth in its home loan portfolio, balanced with good inflows of at call deposits, and had also reduced operating expenses for the fifth year in a row.

“This had the effect of improving our net interest margin and overall profitability,” Mr Halloran said. “Our record profit is great news for our members, because unlike the banks, all our profits are reinvested in the Credit Union to provide better products and services for our members.”

Catalyst Mutual was named Personal Lender of the Year in the 2011 Money magazine awards (a category judged across all financial institutions) and was also a finalist in the Credit Union of the Year award.

The Credit Union has topped off its best year ever by winning the Property and Finance award at the Illawarra Business Awards held earlier this month.

Special Resolution

Members passed a Special Resolution at the Annual General Meeting to amend the Constitution to allow for electronic voting in the election of directors, along with a number of administrative changes.

“This amendment to the Constitution will make it easier for members to participate in Annual General Meetings and ensure that votes are lodged efficiently and validly,” said Credit Union Chairman Mary Youssif.

Members also resolved to reduce the maximum number of directors under Constitution from 13 to nine, and agreed to keep the current number of seven directors.

“The Board has effectively operated for the past two years with seven directors and we believe that this number of directors provides an appropriate level of diversity and skills necessary to the current needs of the Credit Union,” Ms Youssif said.

Graham Holby was elected to the Board of Directors at the meeting, replacing Cristina Thomson, who retired as a director.

“We are very pleased to welcome Graham as a Director of the Credit Union,” Ms Youssif said. “As the recently retired long-standing CEO of Macarthur Credit Union, he brings a wealth of retail banking experience to our Board.”