Credit unions receive top awards for 2015
Jamaica's credit unions ended a successful year in which many were awarded for their performance in the Credit Union of the Year Competition, held on May 28 at the Hilton Rose Hall Resort and Spa in Montego Bay.
Among the many recipients were four credit unions that received the Credit Union of the Year Awards. The four awards for achievement of the PEARLS standard were presented in the categories of Mega Credit Union, Large Credit Union, Medium-size and Small Credit Union.
The O.J. Thorbourne Trophy for Mega Credit Union of the Year went to First Regional Co-operative Credit Union, while JTA Co-operative Credit Union was the runner-up in the category.
In the Large Credit Union Category, JDF Credit Union and NCB Employees Co-operative Credit Union emerged winner and runner-up, respectively.
The Paul Thompson Trophy for Medium-size Credit Union of the Year was presented to Lascelles Co-operative Credit Union with BJ Staff Co-operative Credit Union taking home the runner-up award. The final award, the John Peter Sullivan Award for Small Credit Union went to Church of the First Born Co-operative Credit Union, while D&G Co-operative Credit Union was declared the runner-up.
Six sectional prizes were awarded to credit unions that outperformed their peers in various aspects of their financial operations: The award for the credit union with the:
a. Highest net capital growth in 2015 - CG Co-operative Credit Union.
b. Highest asset growth 2015 - JDF Co-operative Credit Union.
c. Highest solvency 2015 - JDF Co-operative Credit Union.
d. Highest return on assets - First Regional Co-operative Credit Union.
e. Highest net loan growth - First Regional Co-operative Credit Union.
MOST OUTSTANDING AWARD
The award for the Most Outstanding Parish Credit Union went to Manchester Co-operative Credit Union.
NCB Credit Union took home the highest number of awards at the awards function when it walked away with six, including the award for Service Quality. Montego Credit Union received the Financial Literacy Month Award for its fulsome involvement in literacy activities during the month. Portland Credit Union was placed second.
The Credit Union of the Year Competition, organised by the Jamaica Co-operative Credit Union League, is based on the PEARLS Ratio, which is the World Council of Credit Unions' international standards of measurement of the operations of credit unions.
Here are some of the highlights in pictures: