First Heritage Co-operative Credit Union Limited (FHC Credit Union) increased its net surplus by 79 per cent to $330.66 million in 2023, the financial institution told members at its 12th annual general meeting (AGM) last week.

The over 200 members at the hybrid AGM attentively listened to the reports detailing the credit union’s performance.

“Our 2023 financial year closed with exceedingly positive results, of which we are proud as a collective entity. The performance in 2023 is an improvement compared to the surplus of $184.25 million in 2022,” announced Quilston Harrison, Acting CEO of FHCCU at the AGM. “Additionally members, the company’s asset base grew to $18.98 billion, up from $17.19 billion in 2022.”

The performance was buoyed by the highest volume of loan disbursements in a single month in its history for three consecutive months, Harrison said.

He emphasised the credit union’s ambitious theme for the year, “New Horizons… Dream, Dare, Deliver”, which he said guided the organisation’s journey of exploration and growth.

“Our loan portfolio increased from $11.72 billion in 2022 to $14.21 billion in 2023, showing an increase of 21.16 per cent. This was a remarkable year for us, as we exceeded our financial targets and expanded our loan portfolio by a record 28.80 per cent, with loan disbursements totalling $6.70 billion,” he said.

Additionally, the credit union saw a modest rise in new memberships, with contributions from these members playing a key role in enhancing FHC’s financial position year over year, the company said, noting that the performance was largely driven by increased member engagement and the strong uptake of FHC’s diverse range of products and services.

FHC Investments Limited, a subsidiary of FHC Credit Union also demonstrated resilience in managing its investment portfolio, despite challenges in local markets, while celebrating growth in its Retirement Scheme membership, which saw 95 new members added, contributing to the 7.05 per cent increase in net assets available for benefits.

Throughout 2023, FHC continued to make strategic moves to ensure sustainable growth while staying true to its core principle of ‘Member at the Centre’, which aims to remain focused on delivering innovative financial solutions, strengthening member engagement, and meeting the needs of the dynamic market.

Votes for election of the Board of Directors, who will be charged to continue FHC’s vision of sustainable growth and member-centric service, were counted at the AGM.

They are Nickeisha Walsh; Justice Evan Brown; Wayne Jones; Carian Freckleton-Cousins; Karla Stephens-Hall; Camelle Ricketts-Moore; Kevin Forbes; and Stefan Richards. Forbes, who currently serves as financial controller at Allied Insurance Brokers, was nominated from the floor and voted on by the members.