'Solid year' for Laois Kildare People First Credit Union but costs rising

A 'solid' year of business was experienced by People First Credit Union (PFCU), according to its CEO who, while optimistic about the future has, nevertheless, highlighted costs facing the operation.

Seán Dunne commented on 2023 operations in his CEO's report contained in the Annual Report presented to the AGM on January 30 last.

“The financials show it was a solid year for PFCU with a modest surplus achieved being €443,195 for the year ending 30th September 2023. All key indicators are pointing in the right direction with both loan interest and investment returns growing.
“However, as many small businesses will be keenly aware, the cost of doing business in Ireland is quite high. We have seen rises in employment costs, Central Bank levies, and repairs (once off due to the façade issue).

“PFCU will continue to focus on unnecessary costs reduction.

“I would like to reassure members that your credit union is strong and viable with Reserves of €20,530,161 and total assets of €156,177,900,” said his report.

He said the Financial Advisory Service has been well received by members borrowing and he is looking forward to offering home and car insurance in 2024.

He said 2022/23 saw PFCU make upgrades to its IT hardware to “future-proof” its operating system. He added that discussions are underway on the development of an updated mobile app and online platform and the fruits of this work should be seen in early 2025.

While there are challenges, Mr Dunne concluded his report with an emphasis on opportunities

“PFCU remains a strong credit union committed to the financial wellbeing of its members. We face into 2024 in a strong position to build on our success. MORE BELOW PICTURE.

Pictured: People First CU staff at the AGM. Pic: Michael Scully

“We will continue to improve and develop with the aim of stepping into the financial services gap left by the Banks and helping our members when they need it most,” he wrote.

The annual report shows total loans granted for 2022/23 was €21,163,401 which represents an additional €1,517,742 on the previous 12 months.

The Loan Book at year-end was €38,995,526, an increase of over 11% from 2022.

The value of loans in arrears increased from 5.72% in 2022 to 6.28% in 2023. The value of Bad Debt recovered has decreased by 7.78%. The value of Bad Debt charged off increased by 77.5%. More below picture.

Pictured are People First CU members at the AGM in Portlaoise.

PCFU add that some 86% of loan applications were approved in the past year.

The Membership Committee reported that, of the 1289 new members welcomed during the past year, 205 have availed of lending facilities and currently hold loans to the value of €1.4 million and 93 have opened current accounts. A total of 322 new members were minors.

Throughout 2023 PCFU reported a “steady increase” on its Cultivate Agri loan which it's claimed is popular among farmers.
The PFCU Common Common bond consists of a radius of 11.26 km from Athy, 9.6 km from Abbeyleix, 9.6 km from Portlaoise and Stradbally.