KINGSTON, Jamaica–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% for the year ending Dec. 31, 2018.
Figures on the performance of the JPCCU were unveiled at the credit union's recent annual general meeting held in Kingston, the Jamaica Observer reported.
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, according to the publication.
“The profitability of the financial institution was underpinned by growth in total assets — which increased by 13.8%, moving from $5.239 billion in 2017 to $5.964 billion in 2018; membership savings — which increased by 16 %, moving from $4.385 billion in 2017 to $5.093 billion in 2018; net loans which increased by 6.2 %, moving from $3.876 billion in 2017 to $4.117 billion in 2018; total income which increased by 6 %, moving from $613.2 million in 2017 to $648.2 million in 2018; total expenses which increased by 6 %, moving from $521.6 million in 2017 to $553.7 million in 2018 and membership – which increased by 3.9 %, moving from 21,679 in 2017 to 22,520 by end of year 2018,” Palmer cited in his report.
According to the Observer, Palmer also said continued efforts by the JPCCU to manage its loans-collection portfolio yielded positive have resulted in the delinquency ratio declining from 1.2 % to 1.16 % — well below the established standard of 5 %.
The decline was also attributed to members who “continued to display a high level of maturity and responsibility by honoring their loan agreements,” he said.
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 Observer reported.