Hull & East Yorkshire Credit Union breaks record year of lending
16 Nov 18
Hull and East Yorkshire Credit Union (HEYCU) enjoyed a record year of lending in 2018. Its annual results announced this week that its loan book increased by 35%.
HEYCU, which serves a large common bond covering the Humber Region together with selected employers including the DWP, also swung back into profitability in 2018 after two years of losses mainly due to the costs of operating and exiting from the Credit Union Current Account. Interest income for the year was up by 25% and operating expenses reduced by 7%. After accounting for dividends, it was possible to increase the reserves by £73,414.
Success was enjoyed with the loan book development programme, with seasonal campaigns – run throughout the year via email, social media and in branch – raising awareness of their competitive offers and encouraging members to explore more of their great value products. Uptake of one of these – the Child Benefit Loan & Savings Plan – tripled, while the loans policy was updated to allow members to “top up” their loans more frequently. HEYCU’s new user-friendly website received a 212% increase in traffic.
HEYCU’s partnership with the Stop Loan Sharks Team offered bonuses to families to save for Christmas. Members saved a record £806,000 in HEYCU’s popular Christmas Saver account towards a stress-free festive season.
John Smith, HEYCU's Chief Executive, commented: "We have experienced another year of strong growth and the directors are pleased that our finances are on a firm footing, so that we can continue to help people across our diverse common bond to make the most of their money. As we thank all our sponsors, partners and members for their loyalty and support, we are looking ahead with confidence to our 20th anniversary year in 2019.”