The JTA Cooperative Credit Union Limited (JTACCU) has retaken the lead from COK Sodality as Jamaica's largest credit union by asset value, a position it last held three decades ago.
The JTACCU reported a 19 per cent rise in assets last year, rising from J$6.2 billion to J$7.3 billion.
exceeding the J$6.87 billion held by COK, which boasts some 213,000 clients members, according to data provided by the Jamaica Cooperative Credit Union League (JCCUL).
Churches Cooperative rounds out the top three (see insert for Top 10 list).
As at June 2011, assets held by the JTACCU on behalf of its 30,000 members rose another J$600 million to J$7.9 billion. The half-year improvements followed on what the JTACCU reported as a strong financial year in 2010.
"Despite the severity of the economic climate, your credit union's performance exceeded that of the previous year," said the teacher's union board report for 2010.
Deposits in 2010, excluding voluntary shares, grew by 27 per cent to J$2.5 billion, and voluntary shares grew by 11 per cent to J$3.3 billion for a total J$5.8 billion in members' deposits.
The special retired teachers accounts, which rose 60 per cent, was the top-performing deposit category.
Loans to members grew by 11 per cent, or J$520.5 million, to $5.3 billion, a trend that ran contrary the credit union notes, to reduced demand for loans in the wider financial sector.
Total revenue for the year exceeded the J$1 billion mark, including interest income of J$1.068 billion and non-interest income of J$17.4 million.
"We were able to keep our operating expense-to-asset ratio at 5.5 per cent, which compares favourably with the international standard of less than eight per cent," said JTACCU.
Operating expenses fell 15 per cent, "due to reduction in the cost of funding our pension plan," the report states.
The delinquency ratio for loans rose from 2.3 per cent to 2.7 per cent, but was still below the JCCUL average of 6.0 per cent, and stayed "well within the international standard of less than five per cent for all loans over one month, as established by the league".
"Delinquency control represented an important factor in the credit union's performance and all available strategies were employed to ensure that the ratio was minimised," JTACCU said.
The JTACCU started in July 1959, with share capital of J$2,000. Fifty-two district associations were established and a mandate given to develop a branch in each district. In 1977, it was the largest union in Jamaica with 10,000 members and J$7.5 million in share capital.
Last year, the JTACCU added another 1,194 members to its roll.
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