CU South reported an operating profit of $338,000 for the year, down from $643,000 in the previous year but still ahead of the results reported in 2014 and 2013.
Operating revenue grew to $18.9million from $10million and net loans to members grew about 16% in the year to $107million.
Speaking to the Otago Daily Times ahead of last night's annual meeting in Christchurch Ms Dickie and CU South chairman Tony Dunstan said the development of a ``Strategic Roadmap to 2020'' and a refreshing of the credit union's brand were major moves planned for the next 12 months.
The roadmap would involve sustainable lending growth, emerging technologies, greater digital presence and improved operational efficiencies.
``This will ensure CU South is relevant and attractive to members while advancing the core disciplines of savings and thrift and improving the financial confidence of members,'' Mr Dunstan said.
The financial accounts showed the profit was down because of several factors, including changes to bad debt write-offs, increases in staff costs, legislation changes and costs related to the securitisation facility.
Ms Dickie said changes made last year needed to be paid for, but they had set the co-operative on a strong path for the future.
CU South decided to write off loans earlier, taking a hit in the process. Reserves were in place in case loans went bad, but it was important to realise less than 3% of members were in loan arrears at any one time and the remaining 97% of members were in good credit, she said.
The bad debt provision of 0.92% was still less than the years between 2012 and 2014. The 2015 rate of 0.6% was a one-off.
Personal loans grew to $69.7million in the year and mortgages grew to $39.2million, with strong growth in Christchurch. In 2016, loans exceeded $100million for the first time.
During the year, CU South helped more first-home buyers get their property, with strong growth in Dunedin, Christchurch and Nelson.
Many of those used their CU South KiwiSaver accounts, and savings, showing the benefit of saving early, Ms Dickie said.
In the year, the CU South KiwiSaver fund grew to $56.9million from $49.1million and had more than 1670 members at the end of the financial year.
Overall membership rose by 2710 in the year, with strong growth in both Christchurch and the North Island. Total membership at balance date was 22,108, cementing CU South's position as the largest credit union in the South Island and the third largest nationally.
North Island membership had grown through word of mouth, family members and third-party recommendations, Ms Dickie said.
``When all credit unions came together in the South Island in 2007, we were doing some good work for people in the South. People in the North Island were soon asking for the same products. Our `virtual' North Island branch is steadily growing.''
Dunedin still remained the administration centre for the credit union, which employed 50 people in its head office, she said.
