JPSCU AR 2018 finan web

NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31st December 2018
(Expressed in Jamaican Dollars unless otherwise indicated)
6. Loans To Members: 2018 2017
$ $
Balance at the Beginning of the year 2,655,578,278 2,445,359,308
Loans Granted 1,736,904,612 1,806,772,099
4,392,482,890 4,252,131,407
Less Repayments and Transfers 1,695,699,057 1,580,067,643
2,696,783,833 2,672,063,764
2,696,783,833 2,672,063,764
Less: Allowance for expected credit loss (IFRS 9) /
Provision for Impairment (IAS 39)
(45,036,717) (16,485,486)
Balance at End of Year 2,651,747,116 2,655,578,278
The profile of the loans to members are as follows:
2018 2017
$ $
Loans to members which are not past due 2,659,646,330 2,610,519,769
Loans to members which are past due
1 month 8,310,187 23,413,663
2-3 months 14,501,942 12,427,475
4-5 months 4,838,698 6,232,328
6-12 months 7,905,019 18,331,613
Over 12 months 1,581,657 1,138,916
2,696,783,833 2,672,063,764
Less: Allowance for expected credit loss (IFRS 9) /
Provision for Impairment (IAS 39)
(45,036,717) (16,485,486)
2,651,747,116 2,655,578,277
The aggregate amount of non-performing loans on which interest was not being
$14,325,374 (2017: $27,551,742).
accrued amounted to
Uncollected interest not accrued in these Financial Statements on non-performing loans was estimated at
$2,201,260 (2017: $3,518,507).
The fair value of collateral held as security against impaired loans was NIL (2017: $20,527,741).
The fair value of collateral held as security against loans that are past due was $20,159,735 (2017: $71,002,400).
The loans which have been renegotiated and were past due or impaired are NIL (2017: 2,314,531).
JPS & Partners Co-operative Credit Union 44