SAVINGS IN Jamaica's credit unions reached $19 billion dollars in 2003 , an increase of 16.6 per cent over the figures recorded in the previous year. The information was released today at the Jamaica Co-operative Credit Union League's (JCCUL's) annual general meeting at the Jamaica Grande Hotel in Ocho Rios.
President Carl Domville, who made the announcement, also highlighted the growth recorded in other key areas such as loans, assets and membership. He noted that loans reached $13 billion in 2003 compared to $11 billion in 2002 a growth of 19.8 per cent was less than the annual loans growth of 22 per cent for 2002. The president also announced an increase in credit union assets, which climbed to $23.8 billion in 2003, an increase of 18.9 per cent for the year.
MEMBERSHIP INCRESE
Mr. Domville also cited an increase in membership in credit unions, which stood at approximately 730,000 at the end of 2003, an increase of over 50,000 members.
According to the president despite the challenges of the year which included the pressure on the Jamaican dollar, the uncertainty surrounding the financing of the Jamaican Government's budget the movement recorded growth in all the major financial indicators during the year. He said the movement achieved strong membership growth as more people recognised the benefits of uniting to provide themselves with financial services.
Mr. Domville admitted that credit unions experienced strong competition from other players in the financial arena during the year as these players sought to penetrate the personal loans market which was previously the domain of credit unions.
JCCUL's convention and annual general meeting from May 13 - 16 was held at the Jamaica Grande Hotel in Ocho Rios with a recorded attendance of over 400 delegates from member credit unions. JCCUL is the national association of credit unions.
