Profit, asset increase for C&WJCCU
One year after its most recent merger, the Community & Workers of Jamaica Co-operative Credit Union Limited, C&WJCCU, is reporting a 300 per cent increase in profit, and a $1 billion increase in assets.
That's according to CEO Carlton Bartley, who has headed the credit union since January 2017.
Bartley said he could not disclose precise numbers ahead of C&WJCCU's annual general meeting, but based on the company's financial performance previously reported on for 2016, the credit union appears set to report a surplus of about $300 million and an asset base of around $11.5 billion.
The surplus in 2016 amounted to $76.6 million, while the assets were valued at $10.5 billion.
C&WJCCU has gobbled up four other credit unions in the past seven years, the last of which occurred in October 2016 when it merged with the National Water Commission Co-operative Credit Union.
Barclay says growth last year was mostly organic, and that the community bank was reaping the results of synergies from previous mergers and cost-management strategies.
It previously merged with the Westmoreland Co-operative Credit Union, the Marine and Allied Co-operative Credit Union, and ICD and Associates Co-operative Credit Union. In the process, it changed its name from letters representing its beginnings as Cable and Wireless Jamaica, and its communication workers affiliation, to one more representative of the broad credit union community.
"Some of the main areas of cost reduction were realised through the merged entity's ability to share corporate overheads over a much wider membership base," the CEO said.
This year, the credit union plans to invest in technology to improve service delivery to members, he told the Financial Gleaner, without disclosing the capex budget.
With its last merger, C&WJCCU grew its membership base to 78,000, all drawn from the tourism, telecoms, agriculture, bauxite, shipping and water resource sectors. The credit union cut one branch this month at Eureka Road in Kingston and now operates a network of 17 across Jamaica. The six staff at Eureka were redeployed to other branches, Barclay said.
"So far, we can report that 2017 was a very successful year," he said, adding that he was unable to disclose the full results before reporting to members at their next annual general meeting in April. Nevertheless, he described the results as being above-average.
Barclay, who has 25 years of banking and financial experience, formerly worked with the JN Group before joining C&WJCCU.