JPSPCCU 2017 Financial Statements
Audited Financial Statements for JPS & Partners Co-op. Credit Union as at December 31, 2017
Audited Financial Statements for JPS & Partners Co-op. Credit Union as at December 31, 2017
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Statement of Comprehensive Income<br />
For the year ended 31st December <strong>2017</strong><br />
(Expressed in Jamaican Dollars unless otherwise indicated)<br />
<strong>2017</strong> 2016<br />
Note $ $<br />
INTEREST INCOME:<br />
Liquid Assets 39,153,853 33,500,526<br />
Loans to Members 347,419,959 325,427,191<br />
<strong>Financial</strong> Investments 28,002,433 40,558,019<br />
414,576,245 399,485,736<br />
INTEREST EXPENSE:<br />
Interest Expense on Members' Voluntary Shares 22,649,108 26,202,264<br />
Savings Deposits<br />
79,776,117 80,071,014<br />
Other <strong>Financial</strong> Costs<br />
24 17,307,386 18,774,921<br />
119,732,611 125,048,199<br />
NET INTEREST INCOME 294,843,634 274,437,537<br />
Increase in Provision for Loan Impairment 7 4,761,725 12,119,937<br />
NET INTEREST INCOME AFTER<br />
PROVISION 290,081,909 262,317,600<br />
NON-INTEREST INCOME<br />
Rental - investment property 7,326,803 6,899,662<br />
Net Fee Income 20,073,173 20,315,978<br />
Other 25 16,781,597 14,245,303<br />
GROSS INCOME 334,263,482 303,778,543<br />
Less Operating Expenses 26 292,302,612 273,168,714<br />
NET INCOME BEFORE HONORARIA 41,960,870 30,609,829<br />
Honoraria Payment (2,062,500) (2,750,000)<br />
NET INCOME AFTER HONORARIA 39,898,370 27,859,829<br />
OTHER COMPREHENSIVE INCOME<br />
Items that will never be classified to Profit or Loss:<br />
Minimum Business Tax (60,000) (60,000)<br />
Pension (Expense)/Income 13 (5,150,000) 6,772,000<br />
TOTAL COMPREHENSIVE INCOME AFTER HONORARIA 34,688,370 34,571,829<br />
The accompanying notes form an integral part of the financial statements.<br />
Taking you Beyond All Limits!<br />
3<br />
JPS & Partners Co-operative Credit Union
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