The JDF Co-operative Credit Union is eyeing the construction of a head office by 2018 as the institution continues its growth in customer base.

The initiative was disclosed at a recent staff celebratory event by Lieutenant Colonel Radgh Mason, President of the JDF Co-operative Credit Union, after the Credit Union League copped the Renford Douglas Large Credit Union of the Year Award for 2015. Mason was, however, tight-lipped on the details of the build out and its location.

“Its early days and we are not ready to make that public until everything is concrete,” marketing and communications manager, Janice Blake, told the Jamaica Observer yesterday.

It’s the second time that the credit union is walking away with the Large Credit Union trophy over a three-year period.

Currently, JDF Co-operative Credit Union has only one location inside its Up Park Camp home in Kingston. Expectations are that the new location will help increase the customer base to 10,500 up from the current 9,000 members.

“It’s a very welcome initiative. Members of the Force and civil servants are looking forward to the new head office and we expect great things moving forward,” Blake said.

The financial institution is also looking to expand its services with the introduction of full ABM services, mobile banking and new e-banking services through its website, to allow greater ease of transacting business.

Additionally, there are plans to extend opening hours, including an early bird option that allows members to access services at their convenience. Conec Mobile Banking is one of the companies the JDF credit union is looking to partner with to facilitate the expansion in services offered.

The JDF Co-operative credit union recently extended its bond to facilitate workers outside its workforce and now serves current and ex-servicemen and women, present and past civilian employees of the JDF, adult members of the Jamaica Combined Cadet Force, employees and members of organisations affiliated with the JDF, as well as relatives of members. Among the affiliated organisations are: suppliers; churches; institutions and individuals who provide the JDF with professional services.

“Because we are in the JDF community we are able to give our members a lot more value in terms of loans and saving. Take for instance, we are offering a nine per cent interest on one of our savings options at this time,” Blake told the Jamaica Observer in detailing why the institution continues to experience growth.

“We have savings within the community and we are sheltered from some industry risks and so forth; so we pass on much more to our members.”

The JDFCU closed the 2015 financial year with profits of $83.4 million, 27.5 per cent or $18 million more than the profits posted a year earlier. The growth in profit was attributed to an increase in interest earnings from loans to members and fees associated with non-interest income.

The institution also saw a 22 per cent increase in asset base to $1.59 billion over 2014. Loans portfolio accounts for 89 per cent of the company’s assets.