Friday, April 19, 2024

COB outlines steady progress

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DESPITE TOUGH economic times, the City of Bridgetown Cooperative Credit Union Ltd (COB) is boasting more than $300 million in assets.
President Christopher Oliver, speaking last Saturday during a 30th anniversary dinner and awards ceremony at the Lloyd Erskine Sandiford Centre, said they had steadily been gaining momentum over the past 30 years as an entity.
He gave the breakdown as follows: in 1993, COB recorded 8 000 members, had $20 million in assets, $12 million in loans and a net surplus of $7 million; in 2003, membership increased to 36 000, assets rose to $133 million; loans were $80 million and there was a net surplus of $2.5 million. As for this year up to March, he said the credit union had 53 000 members; $360 million in assets; $288 million in loans and a $4.6 million net surplus.
“The last ten years have seen a significant improvement in the quality of our products and services. However, there is always room for improvement and we must be cognisant of preserving the human touch as the growth of COB as a large professional institution should not imply a loss of personal contact as in developing countries. In Barbados it is the human touch that makes the difference,” he said.

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