GCU is one of the largest in the UK
Glasgow Credit Union (GCU) has announced a record £4.6 million return to its members.
This follows the approval of a 3% annual dividend at its annual general meeting.
Almost 90% of the credit union’s profits for the year have been returned to members, marking it as its most successful year and highest ever dividend payout in the credit union’s 35-year history.
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, this year’s dividend comes as a much-needed financial boost, particularly during challenging times for many households.
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, over 1,000 Junior members will also share in the distribution with an average payment of £50, further promoting GCU’s commitment to supporting the financial well-being of all members, regardless of age.
Colin Gailey, chief finance officer at GCU, 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.”
GCU 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.
As a mutual organisation, GCU 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.
