Glasgow Credit Union has announced a record £4.6m return to its members following the approval of a 3% annual dividend at its AGM.
Almost 90% of the credit union’s profits for the year have been returned to members, with the organisation hailing its most successful year.
The dividend payout – the highest in the credit union’s 35-year history – will be shared by more than 62,000 members.
With the average payment amounting to approximately £74 per adult member, this year’s dividend comes as a much-needed financial boost, says the credit union, particularly during challenging times for many households. The payout has already been credited directly to members’ accounts.
Over 1,000 junior members will also share in the distribution with an average payment of £50, “further promoting Glasgow Credit Union’s commitment to supporting the financial wellbeing of all members, regardless of age“.
Chief finance officer Colin Gailey added: “This year’s member dividend is the highest amount issued in our history, underscoring our strong business performance and the resilience of our business model. We are proud to be able to reward our members loyalty, particularly during a time when many are facing significant financial challenges.”
Glasgow Credit Union was founded in 1989 to provide savings and affordable loans and now serves residents and workers in the G, PA, KA, ML, and FK postcode areas, becoming one of the largest credit unions in the UK.
Throughout its history, it has given back more than £49m in dividends and interest rebates to its members, consistently prioritising the financial benefits to its members.
