By Devon Evans, Gleaner WriterOCHO RIOS, St. Ann:
THE ST. Ann Co-operative Credit Union has recorded yet another successful year of operation, surpassing all major financial performance targets for 2003.
During the period, the total assets of the credit union grew by 17 per cent, moving from $678.5 million dollars to $794.3 million.
NEW PERFORMANCE TARGET
The credit union has set itself a new performance target of exceeding the $1 billion mark next year.
These figures were disclosed recently by Karl Fuller, president of the credit union, at the co-operative's 30th annual general meeting held at the Ruins at the Falls in Ocho Rios.
Mr. Fuller noted other excellent performances including the surpassing of the 50,000 mark for total membership, beating the performance target of 49,631 by 451 members.
He also disclosed that share capital in the credit union increased from $379.7 million at the end of 2002, to $434.8 million dollars at the end of the financial year December 31, 2003.
Net loan portfolio grew from $345.94 million in 2002 to $429.73 million last year.
Mr. Fuller said the remarkable growth has come with sustained profitability and that this had allowed net surplus to increase from $46.2 million in 2002 to $74.3 million in 2003.
MORE EFFICIENT SERVICE
The credit union president in his annual report said the goal of providing a more efficient
service to members is close to being achieved. These include the upgrading of the Ocho
Rios branch to a full service institution, a reduction in the
turnaround time for loans and the employment of additional cashiers and loans officers since the start of 2004.
Mr. Fuller listed the future plans for the St. Ann Credit Union as:
Upgrading of the Brown's Town branch to autonomous status.
Acquisition of software with enhanced capabilities
The purchase of standby generators for the St. Ann's Bay and Brown's Town branches.
The credit union declared a dividend of $29 million for 2003.
