Devon Evans, Gleaner Writer
OCHO RIOS, St. Ann:
DESPITE JAMAICA'S challenging financial climate, the St. Ann Cooperative Credit Union still continues to report phenomenal growth and was able to surpass all its targets in 2004.
The financial year ending December 2004 saw total assets increasing by $138.17 million to $932.45 million. This represents a 17.39 per cent increase and makes it the eighth consecutive year that total assets of the credit union have recorded an increase above 16 per cent.
Karl Fuller, president of the credit union, presented the figures at the annual general meeting held at Ruins at the Falls in Ocho Rios last Saturday.
Mr. Fuller said the credit union is now 140 per cent solvent, evidence of the safety and soundness of the institution.
Giving an outline of the performance for the past year, he said that in addition to total assets, there was also growth in net surplus, share capital, loan portfolio and members fixed deposit. Net surplus moved from $65.62 million to $69 million; share capital from $434.78 million to $493.45 million; loan portfolio from $429.73 million to $545.02 million and fixed deposits from $129.37 million in 2003 to $165.54 million in 2004.
Mr. Fuller told the gathering that while the credit union was successfully building on its assets during 2004, it was at the same time gaining success in reducing the ratio of operating expenses to total assets.
