OVER €21 million was issued in loans by Letterkenny Credit Union in 2025 to its members, while a total gross loan portfolio stands at €47.5m.
The current financial year saw total assets valued at €125.15m, up from €120.24m in 2024. Surplus for the year stands at €1,672, 420, an increase from €1,179, 446 last year.
Home improvements, car loans, and personal loans remain the top loan categories among Letterkenny Credit Union members, but 2025 also saw another positive impact in terms of its Home Loan mortgage.
Priced competitively, the home loan mortgage continues to support Letterkenny Credit Union’s loan book growth, with 41 mortgages valued at €6.6m at year end.
While overall financial performance was very satisfactory, both members and the Credit Union faced into the challenge of high cost of living increases in 2025.
Chairperson of Letterkenny Credit Union, Paul Hume, said: “Although Letterkenny Union has had a successful year, we are conscious both members and the Credit Union faced into the challenge of high cost of living increases in 2025.
“Nonetheless, Letterkenny Credit Union was well positioned to respond to the needs of our members and the solid business model established by LKCU ensures the continuity of a quality service for members, which, in turn, yielded favourable results at the year end.
“The directors are pleased to report positive trends across several fronts, a strong surplus and a stable growth in membership. These are all strong indicators of active membership-focused Credit Union and is largely driven by the dedicated staff.”
Mr Hume added that the board of directors recognise that due to the rising costs of living and an increase in bad debts for the previous financial year, that a more prudent basis of lending in some cases was needed and made relevant adjustments to the lending appetite and risk.
Mr Hume said Letterkenny Credit Union is going from “strength to strength”. He attributed this to the countless hours volunteered by the board of directors, board oversight committee, and subcommittee members.
Chief Executive Officer, Letterkenny Credit Union, Gordon Randles, said the annual report for the financial year ended September 30, 2025 shows “a strong financial performance, prudent risk management, and a continued commitment to serving members”.
Mr Randles said enhancing digital services for members’ will be one of a number of priorities in the year ahead. “Our focus will include expanding lending opportunities responsibly, enhancing digital services for members’ convenience and maintaining financial strength and member value.
The Annual General Meeting (AGM) of Letterkenny Credit Union will take place this evening in the Mount Errigal Hotel, Letterkenny at 8pm.
