Glasgow Credit Union has announced a record £4.6 million return to its members following the approval of a 3% annual dividend at its Annual General Meeting (AGM).

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 payout — with the average payment amounting to £74 per adult member.

The payout has already been credited directly to members’ accounts.

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.

Colin Gailey, Chief Finance Officer at Glasgow Credit Union, 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.”

Glasgow Credit Union 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 £49 million in dividends and interest rebates to its members.

Glasgow Credit Union provides affordable financial products, including savings accounts, loans, and mortgages to over 63,000 members.