2024 Treasurer's Report
Supreme Court Savings and Loan Association, Inc.
The SCSLAI 2024 Treasurer’s Report presents an overview of the Association’s financial activities and financial position for the year 2024. The report includes key financial statements, such as the Statement of Financial Position, Statement of Comprehensive Income, and Statement of Cash Flows, along with relevant notes and disclosures. It provides insights into the Association’s financial performance, liquidity, and overall financial health.
Gross Income
| Particulars | 2023 | 2024 |
|---|---|---|
| Interest Income on Loans | ₱207,563,513.15 | ₱220,540,873.16 |
| Interest Income on Bank Deposits | ₱11,188,502.63 | ₱7,534,761.85 |
| Other Income | ₱38,386,916.58 | ₱41,029,184.18 |
| TOTAL | ₱257,138,932.36 | ₱269,104,819.19 |
Increase
₱11,965,886.83
Percentage of Increase
4.65%
Gross Income comes mainly from the interest imposed on loans availed. The more loans released and produced, the higher the recognized gross income will be recorded. For the last five years, the Association's gross income has been on an upward trend.
The gross income for 2023 was Php 257,138,932.36 compared to Php 269,104,819.19 for 2024, an increase of 4.65% or Php 11,965,886.83. This is partly due to the introduction of new loan facilities, such as the MEAL (Medical Assistance Loan) and Calamity Loan.
The Association aims to increase the gross income by encouraging members to avail loans that will be returned to them through dividends. The higher gross income is an indication that the Association is managing its assets effectively and producing enough cash flows to conduct its normal operations.
Total Operating Expenses
| Particulars | 2023 | 2024 |
|---|---|---|
| Compensation & Fringe Benefits | ₱15,908,004.94 | ₱23,764,917.92 |
| Provision for Credit Losses | ₱185,113.95 | - |
| Other Administrative Expenses | ₱12,882,229.90 | ₱11,863,662.70 |
| TOTAL | ₱28,975,348.79 | ₱35,628,580.62 |
Increase
₱6,653,231.83
Percentage of Increase
22.96%
SCSLAI’s operating expenses are mainly divided into three categories, namely compensation and fringe benefits for staff and officers, provision for credit losses for those uncollectible outstanding loan balances, and other administrative expenses such as BSP supervisory fees, trustee’s fees, taxes, training and seminars, and others.
The 2024 operating expenses increased to Php 35,628,580.62 compared to Php 28,975,348.79 for 2023, by 22.96% or Php 6,653,231.83, mainly because of the 10% salary increase granted by the Board to its employees.
Net Income
| Particulars | 2023 | 2024 |
|---|---|---|
| Gross Income | ₱257,138,932.36 | ₱269,104,819.19 |
| Less: Total Expenses | (₱28,975,348.79) | (₱35,628,580.62) |
| NET INCOME | ₱228,163,583.57 | ₱233,476,238.57 |
Increase
₱5,312,655.00
Percentage of Increase
2.33%
Net income is the result of the surplus of the gross income, less the total operating expense, for which SCSLAI has an increase of 2.33% or Php 5,312,655.00 for 2024 versus 2023.
This means that even though the total expenses of the Association increased with an increase in the gross income for the year, the net income subject to distribution as dividends to members also increased.
Total Assets
| Particulars | 2023 | 2024 |
|---|---|---|
| Cash and Cash Equivalents | ₱350,369,148.96 | ₱302,347,805.88 |
| Loans and Other Receivables, Net | ₱1,417,046,794.97 | ₱1,494,331,352.02 |
| Held-to-Maturity Investments | ₱60,000,000.00 | ₱35,000,000.00 |
| Property and Equipment, Net | ₱793,456.13 | ₱1,804,110.52 |
| Other Assets | ₱3,314,248.96 | ₱2,378,616.87 |
| TOTAL ASSETS | ₱1,831,523,649.02 | ₱1,835,861,885.29 |
Increase
₱4,338,236.27
Percentage of Increase
0.24%
Total Assets of SCSLAI are composed of cash, cash equivalents, and loan receivables. For 2024, there is an increase of only 0.24% or Php 4,338,236.27 due to the net effect of gaining additional cash fund through the opening of capital contribution deposit and an increase in loan production.
Dividend Rate
| Particulars | 2023 | 2024 |
|---|---|---|
| Dividend Declared | ₱230,798,946.97 | ₱235,484,967.55 |
| Dividend Rate | 16.14% | 16.20% |
Increase in Dividend Rate
0.06%
Though minimal in effect, there is an increase of 0.06% in the declared dividend for 2024 compared to 2023. This is because the Association still adheres to compliance with BSP directives on reservation for allowance for probable losses.
SCSLAI, as a financial institution, is regulated and supervised by Bangko Sentral ng Pilipinas, and with this, we have to adhere to their rules and regulations.
All our financial transactions are being audited by our BSP-accredited external auditor, Ms. Dolores Garcia, to provide transparency to our members.
With all this being said, rest assured that the members of the Board and all the SCSLAI employees are doing their best to deliver higher returns on your investment while being compliant with the supervising agencies of the Association.
For more detailed financial health and status, kindly refer to SCSLAI’s bulletin board for the Audited Financial Statements for the year 2024.
Maraming salamat po!
MA. LOURDES P. SERRANO
SCSLAI Corporate Treasurer