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ASCCO Posts 7.8M Net Income on Q1

 

Bontoc, Mountain Province. The All Saints Credit Cooperative reported 7,898,152.77 net income for the first quarter of this year. This represents an increase of 32% as compared to the same period of last year. Gross revenues totaled 12.481 million, upped from last year’s same period record of 10.230M. Interest income and service fee from loan releases amounted to 11.722M, representing 94% of total revenues. Total assets dipped to 469.110M as compared to last year’s 471.809M, but has increased from previous month’s record of 396.391M. Share Capital has increased to 264.830M, or a 5% surge from last year of the same period record.

During the period, ASCCO was able to approve and release a total of 942 loans amounting to 152.671M, which resulted in the figures mentioned earlier. Through extensive marketing and campaign of the Coop’s products and services, ASCCO was able to meet its targeted income for the period. For the year 2018, ASCCO plans to target a 24.265M net income for the year. With intense cooperation between members, management and officers, ASCCO is very much positive in achieving its goal.


 

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