Police Credit Union realises net surplus of $94.5 million

Observer writer

Sunday, June 23, 2019

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THE Jamaica Police Co-operative Credit Union Ltd (JPCCU) is reporting a net surplus of $94.5 million, surpassing that of 2017 by 3.2 per cent for the year ending December 31, 2018.

Figures on the performance of the JPCCU were unveiled at the credit union's recent annual general meeting held in Kingston.

Giving his report at the annual general meeting, General Manager Ray Palmer indicated to members present that growth was achieved in all major areas of operations and new milestones were created.

“The profitability of the financial institution was underpinned by growth in total assets — which increased by 13.8 per cent, moving from $5.239 billion in 2017 to $5.964 billion in 2018; membership savings — which increased by 16 per cent, moving from $4.385 billion in 2017 to $5.093 billion in 2018; net loans which increased by 6.2 per cent, moving from $3.876 billion in 2017 to $4.117 billion in 2018; total income which increased by 6 per cent, moving from $613.2 million in 2017 to $648.2 million in 2018; total expenses which increased by 6 per cent, moving from $521.6 million in 2017 to $553.7 million in 2018 and membership – which increased by 3.9 per cent, moving from 21,679 in 2017 to 22,520 by end of year 2018,” Palmer cited in his report.

He then offered that continued efforts by the JPCCU to manage its loans-collection portfolio yielded positive results as the delinquency rate declined from 1.2 per cent to 1.16 per cent — well below the established standard of 5 per cent.

The decline was also attributed to members who “continued to display a high level of maturity and responsibility by honouring their loan agreements”.

Conversely, loan disbursement increased from $1.776 billion in 2017 to $2.012 billion in 2018. This increase resulted in the loan portfolio of the credit union surpassing $4 billion — a milestone for the financial institution.

The JPCCU general manager informed that in the 2018 financial year, the JPCCU completed several projects designed to improve the quality of service offered to members and improve staff morale.

Palmer indicated that he was particularly pleased that 85 GSAT bursaries and scholarships, valued at $1.1 million, were awarded to children of members and five scholarships to tertiary level students, totaling $795,000, to pursue undergraduate degrees at The University of the West Indies (UWI), University of Technology, Jamaica (UTech), or Northern Caribbean University (NCU).

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