THE JAMAICA Teachers' Association Co-operative Credit Union once again recorded strong growth in all critical areas of the organisation.
Speaking at its 40th annual general meeting, the first female president of the credit union, Dorothy Raymond reporting on activities for 2003 said that "results were achieved through sustained focus on the core business while simultaneously diversifying the income stream."
Mrs. Raymond further revealed that the total asset of the credit union recorded a 19.1 per cent increase or $392.9 million over the previous year. In addition, the savings base grew by 19.7 per cent, while loans to members grew by 23.2 per cent.
"This growth has put the credit union in the leadership position within the Movement for loans," Mrs. Raymond revealed. She added that the "attractive terms of the loan products have allowed members access to funding while maintaining their savings."
Another achievement of the largest teachers' credit union in the Caribbean, with over 26,000 members is that it has one of the lowest delinquency ratios in the credit union movement of 2.3 per cent, which is way below the International Standard of five per cent.
LOANS OFFERED
With savings at almost $2 billion, the JTA Co-op Credit Union offers a range of savings and loans products including tele loans and a remittance service.
"Adequate use of information technology and aggressive marketing are strategies being pursued to drive efficiency, improve customer service and product offerings to members," says Barbara Gascoigne, general manager of the credit union. The success of 2003 is expected to be bettered in 2004 with sound financial practice being the hall mark of the credit union.
