Annual Report 2020

JPS & PARTNERS CO-OPERATIVE CREDIT UNION LIMITED
Minutes of the 65th AGM (Continued)
CORRECTIONS
There were no corrections to the Minutes.
MATTERS ARISING AND CONFIRMATION
OF THE MINUTES
Mrs. Sabrina Mullings-Morris enquired as to whether the
information stated on page 11 of the Minutes that loans
grew by 11.13% compared to 12.5% in 2017, was an error,
as 12.5% is higher than 11.13%. Mr. David Fleming
explained that for 2017 loans grew by 12.5%, while for 2018
it grew by 11.13%. He stated that it was not a comparison
of the year but instead an explanation of how the loans
portfolio grew in a particular year. There being no other
matters arising from the Minutes, the Secretary invited a
motion for the confirmation of the Minutes. A motion was
moved by David Fleming and seconded by Ingrid Grant.
REPORT OF THE BOARD OF DIRECTORS
The Chairman told the members that the Report of the Board
of Directors was previously circulated and asked for a motion
to have the report taken as read. The motion was moved by
Mr. Cebert Mitchell and seconded by Mr. Devon Wright. The
Chairman noted that the report was quite comprehensive and
therefore he would be taking the members through the
highlights. Commencing his presentation, he stated that the
Credit Union adopted the mantra “We C U”, which meant that
the JPS & Partners Credit Union changed the way they do
‘Credit Union’ together by taking a broader look at the Credit
Union’s operations with the view and a vision to improve and
expand its brand.
The Global Economy
The International Monetary Fund’s World Economic Outlook
Report of 2019, according to the Chairman, projected a
world economic growth of 0.4% ie 3.4% in 2020 over 3.0%
in 2019. He noted that there were some global shocks and
that the closest one to Jamaica was the US$3.4 Billion
worth of damage in the Bahamas as a result of the impact
of Hurricane Dorian.
The Jamaican Economy
The Chairman highlighted tenets of the Jamaican economy
that would have influenced the Credit Union’s performance
over the year.
Growth of 1.7% was recorded at the end of 2019, according
to Chairman Grey, while unemployment rate stood at an
average of 9.52% throughout the year. He noted as well that
inflation started the year at 2.3% and closed at 6.2%, which
represented the highest recorded rate of inflation over the
last five years. Treasury Bills, he stated, closed the year at
1.32% for 90-day tenure and 1.60% for 180-day tenure
instruments respectively. In addition, he also stated that at
the end of 2019 the Jamaican dollar closed the year at
Jamaican One Hundred and Thirty-Two Dollars and Sixty
Cents (J$132.60) to One US Dollar (US$1) and that the Net
International Reserves stood at US$3.2 Billion in December
2019.
The Credit Union Movement
and the League’s Performance
The Chairman highlighted that in terms of savings, there was
growth of 7.91% in which Savings moved from $89.31 Billion
to $96.3 Billion, while, in terms of loans to membership, there
was a 12.53% growth (in 2018 it was $78.8 Billion and at
the close of 2019 it was $88.67 Billion) as well as Assets
grew by 8.59% from $114.16 Billion to $123.97 Billion. He
noted, however, that membership in the movement fell
slightly by 1.44% from 1,021,267 to 1,006,557 members,
respectively.
JPS & Partners’ Performance
Continuing his report, the Chairman stated that the JPS &
Partners Co-operative Credit Union realized growth in the
following areas: Shares by 4.44% from $1,262.52M to
$1,318.62M; Deposits by 3.5% from $1.9 Billion to $2
Billion; Loans by 8.2% from $2.65 Billion to $2.86 Billion,
Total Assets by 15.12% from $4.23 Billion to $4.87 Billion
and Institutional Capital by 3.1% from $691 Million to $712
Million. He, however, noted that Surplus fell by 20%, using
the 2018 and 2019 figures, from $71.62 Million to $57.24
Million. Membership fell by 6.7% from 14,947 members to
Your Financial Partner for Life 9 2020 Annual Report