By Rayon Dyer, ContributorA careful analysis of the recently published financial statement of the St. Elizabeth Co-operative Credit Union shows that the institution is forging ahead inspite of a major fall out in most of its loan portfolio.
Some 300 members of the Credit Union two weeks gathered at the Sharon Baptist Church Hall, for the institution's annual general meeting to hear how their finances were been handled by the Management of the Credit Union.
The St. Elizabeth Co-operative Credit Union for the last six years has taken on a serious business-like image through its hard working general manager, Fitzgerald Rowe.
In 1999 the institution had a $3.3 million undistributed surplus. However as at December 31, 2000 the undistributed surplus stood at $7.1 million, an increase of 114.25 per cent.
With an increase in non-interest income of 29.5 per cent, there was a decrease of 52.8 per cent in the Credit Union's net income.
As vibrant as the Credit Union is proving to be, over the last few years it's battle against delinquent loans seems to be a very tough one. Currently some 694 members are in arrears with delinquent loans at $49.8 million. Only 401 loans were issued in 1998 as against 546 in 1997. Agricultural loans decrease from 335 in 1997 to 207 in 1998. Ten agro industry loans were made in 1997 with none made in 1998. Mining and Quarry recorded one loan in 1997 with none made in 1998. There were 158 refinancing loans in 1997 with none made in 1998.
Thirty-five business investments were made in 1997 with 193 in 1998. This fall out in borrowing did not prevent the credit union from creating and developing new products. The challenge now is in the hands of the Credit Committee which is chaired by Mr. Vernal Brooks. The committee will conduct its investigations and make recommendations for the future well being of the St. Elizabeth Co-operative Credit Union.
