JPS & Partners 2017 Annual Report

Minutes of the 62nd AGM Continued
BOARD OF DIRECTORS REPORT
The Board Report presented by the President indicated
that the performance of the Credit Union was examined
within the context of the Jamaican Economy and by
extension the wider global economy.
She highlighted that inflation rate was extremely low for
2017, at 1.7%, and that Treasury Bill rates were trending
down with 30 days instruments at 5.64% and 90 days
instruments at 5.68%. She stated that the estimated
growth for the year was 2%. President Sparkes told the
members that the reason for the communication of this
information was for the members to understand what
drove the interest rates they received at the Credit Union.
She stated that despite the high unemployment rate,
investors remained confident about the Jamaican
economy. She noted that the investors opined that
Jamaica should continue to experience positive growth
during the year. From the Board’s standpoint she stated
that they would have loved to see a lot more requests
for small business loans coming from the membership
as one of the underpinnings of growing the economy.
Moving to the global economy, the President stated that
members were aware of what happened with Brexit and
that Britain was now out of the European Union (EU). She
also stated that the members knew what had happened
to the North American Free Trade Agreement (NAFTA)
and what was happening in the USA based on its
Presidency. She noted that it was forecasted that
London would be affected over the next couple of years
as a result of their exit from the European Union.
President Sparkes opined that as a country, Jamaica had
to strategize and ensure that whatever the impact was
from Britain’s exit from the EU, it would not be detrimental
to Jamaica and, to some extent, the Credit Union.
The President went on to highlight the performances of
the Credit Union Movement. She noted that there was a
growth in savings of 8.42%, while the loan portfolio
moved to 7.15% compared to 7.67% in the previous year.
It was also noted that the membership base of the Credit
Union was 1,028,182 members compared to 999,416
members in the previous year. President Sparkes stated
that the Movement’s figures were an indication that more
persons were interested in becoming a part of the Credit
Union and that going forward the Movement can only
move from strength to strength.
A member reads through the annual report
Pushing you Beyond All Limits!
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Speaking specifically to JPS & Partners Credit Union, the
President stated that Shares grew by 27%, Deposits by
3%, the Loan Portfolio by 18% and Total Assets by 21%.
However, she noted that the Surplus declined by 26%.
Continuing, she added that Institutional Capital went up
by 12% and Membership base by 16.52%. The President
stated that the movement in the Membership base,
Deposits and Shares was due in part to the merger with
CG Co-operative Credit Union. She noted that members
of the Credit Union were not bringing in their families to
become members and as a result the Credit Union was
not benefitting from the pool of growth from just having
that membership. She added that the Credit Union had
gone out to the business community to seek new
members. She mentioned the School Savers Programme
in the sponsored schools and noted that the schools
savers were integral in growing the business long term.
JPS & Partners Co-operative Credit Union