Members' Credit Union Co-operative Society has reported that its 1996 profit was its best ever.

Year profit of $150,941 was more than double the previous best bottom line of $66,000 in 1987.

Expenses fell to $408,530 from $503,212.

The Credit Union cut its accumulated deficit to $51,353 at December 31, 1996 compared to $202,294 in 1995. In 1995, the Credit Union made $8,090.

The 1996 results were reported at the Credit Uuion's 26th annual general meeting held May 26, union newspaper the Worker's Voice said.

Revenues rose to $558,963 from $511,302, an increase of 9.3 percent.

On revenue, the results showed a 17.8 increase in interest on members' loans, the lion's share of total revenue at $462,178 compared to $392,388, more than offset marginal losses in loan fees and investment income.

On expenses, a decline in employee costs and a lower allowance for doubtful loans and write-offs accounted for the bulk of the lower total.

Employee costs fell to $192,185 from $216,338 due to redundancies in 1995.

Doubtful loans and write-offs fell to $21,718 from $78,634.

The Credit Union also said that assets grew to $4.4 million from $4 million.

That growth included an increase in nets loans of over $250,000.