COK CO-OPERATIVE Credit Union reported a 10 per cent growth in membership in 2004, surpassing the budgeted growth of 8 per cent, the company has stated.
Savings grew by 29 per cent while loans grew by 96 per cent. At the year ended December 2004, COK had a total asset base of $3.9 billion, a 29 per cent growth over the previous year.
"Several steps have been taken to improve the accuracy of the financial reports, safeguard the assets, reduce delinquency and comply with all the regulatory and prudential guidelines," President Joscelyn Jolly said at the 38th annual general meeting held at the Jamaica Conference Centre recently.
Mr. Jolly also noted that the credit union realised a net surplus of $127 million. From this, COK members will enjoy over $26 million as dividend for 2004. The balance will be transferred to its reserves in order to further strengthen the capital adequacy.
The board of directors has recommended a distribution of $26.1 million to members as dividend for 2004, and the remaining surplus will be transferred to reserves.
In looking to the future, Mr. Jolly said that the survival of the credit union "will be dependent on our ability to be innovative and relevant to the needs of our members." In ensuring this, he said that constant monitoring, evaluation and implementation of new products, services and alliances would be critical in order to facilitate members' aspirations locally and overseas.
