JPS & Partners 2017 Annual Report

Treasurer’s Report Continued
26.04% was spent on financial expenses,
26.03% for administration expenses, 6.35% for
representation cost, 1.04% for loan loss
provision, with 9.13% remaining as surplus.
BALANCE SHEET
Total Assets for 2017 increased to $4.22 Billion,
which represent an increase of $113.25M when
compared to 2016.
Loans to members increased by $210.22M or
8.6% over 2016. The portfolio balance stood at
$2.66B at the end of 2017. Loan promotions
introduced throughout the year yielded positive
results despite the competitive and declining
interest rate environment within which we
operated.
investment in higher income earning products
such as stocks and shares.
Loan delinquency as at year end stood at 2.29%
of the loans portfolio. This is a marginal increase
of 0.22% when compared to 2016 delinquency
ratio of 2.07%. Our loan delinquency ratio
remains well within the international Credit Union
benchmark of 5%.
Liquid Assets and Financial Investments ended
the year at $1.23B, which is a 10.05% reduction
when compared to 2016. The channeling of
loans on which a higher interest rate was
earned was the primary contributing factor for
the reduction.
Management will continue to be vigilant in their
efforts to maintain low levels of delinquency
throughout the coming year. The Credit Union
continues to provide financial counselling to
members and when necessary, utilize all avenues
for recovering the amounts owed by some of our
members who continue to renege on their agreed
repayment arrangements.
Members’ deposits and voluntary shares
increased by $87.36M or 2.8% moving from
$3.12B in 2016 to $3.21B in 2017. The
compulsory savings requirement attached to
some loan products contributed to the growth.
We experienced some amount of dis-savings
during the year as members withdrew funds for
Pushing you Beyond All Limits!
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JPS & Partners Co-operative Credit Union