Glasgow Credit Union approved a three per cent annual dividend at its annual general meeting (AGM), marking its ‘most successful’ year and highest-ever dividend payout in its 35-year history.
Almost 90 per cent of the credit union’s profits for the year have been returned to members.
More than 62,000 members of the credit union will share in the historic payout, with the average payment amounting to approximately £74 per adult member.
The payout has already been credited directly to members’ accounts, ensuring that the financial benefit is immediately available.
In addition to the adult members benefiting from this dividend, more than 1,000 junior members will also share in the distribution with an average payment of £50.
Colin Gailey, chief finance officer at Glasgow Credit Union, said: “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 £49 million in dividends and interest rebates to its members, prioritising financial benefits to its members.
As a mutual organisation, Glasgow Credit Union operates on a ‘unique model’ where profits are reinvested to serve its members.
Members contribute to the credit union by saving, which in turn supports affordable loans back to its members and credit union investments.
