Thrift Company Profile

NTUC Thrift and Loan Co-operative Limited was registered on 24th April 1998 as a Co-operative Society under the Co-operative Societies Act and the jurisdiction of the Ministry of Community Development of Singapore.

The co-operative was founded by the National Trades Union Congress (NTUC) and is supported by the Singapore Labour Foundation (SLF), trade unions and cooperatives of the NTUC and its affiliates.

NTUC Thrift is a credit co-operative serving the financial needs of its members.

Objectives

The primary objectives of NTUC Thrift are:

to promote the economic interest of its members
to encourage thrift and savings among its members
to receive and accept deposits from members
to offer loans to its members on reasonable terms
to maximise shareholders' returns

Its mission is to inculcate the good habit of thrift to ordinary members. With higher interest rates on savings and deposits and lower loan charges, NTUC Thrift aim to stretch the economic dollar of its members.

Financial Highlights

NTUCthrift-AR06.pdf	NTUC Thrift Annual Report 2006 (972K)
NTUCthrift-AR07.pdf	NTUC Thrift Annual Report 2007 (868K)
NTUCthrift-AR08.pdf	NTUC Thrift Annual Report 2008 (52.4M)
NTUCthrift-AR08(Financial Statements).pdf	NTUC Thrift Annual Financial Statements Report 2008 (557k)
Dividend Announcement 2008 NTUC Thrift recorded a net surplus of $13.1 million before contributions and diminution in fair value of assets for the financial year ended 31st March 2008. After provisions for diminution of assets of $18.4 million, there was a resulting FRS39 loss of $5.2 million. You will note in the Chairman's Statement in the Annual Report, the Board recommended a dividend of 2.5pct to be paid out of its accumulated surplus. We have since been advised by the Registrar of Cooperative Societies, and confirmed by our legal counsel that no dividends can be paid for the financial year ended March 2008. In compliance, we had to withdraw our recommendation. The Board seeks your understanding and support in the matter. When our financial position improves and registers a FRS39 surplus, the Board when recommending a dividend will take into account the dividend missed in FY08. On behalf of the Board, I want to thank members for your understanding and continued support. Mr Chua Cher Choon Chairman