FHC Credit Union Doubles Net Profit

May 26, 2022 0 comments Business News

FHC Credit Union doubled its net surplus in 2021 compared to the previous year. Its capital and liquidity positions remained adequate and above benchmark ratios.

Net surplus was $234.35 Million against $106.2 Million the previous year and loan disbursements totaling $4.17 Billion for the period.

During the heights of the COVID-19 pandemic in the 2021 financial year, the Credit Union used the opportunity to place great effort behind driving automation and digital transformation while encouraging financial prudence amongst its member base, and capitalizing on unique relationship building strategies, a release from the FHC said.

Though face-to-face interaction remained limited, the FHC team developed creative ways to stay connected and engaged with stakeholders.

Speaking at their tenth Annual General Meeting held at the Jamaica Pegasus Hotel on Thursday, May 19, 2022, CEO Roxann Linton said: “….This year we continued to provide understanding and support to our membership’s unique circumstances. We listened to their needs and it became a never-ending flow of useful information,”

She emphasized that the Member Assistance Programme is still available to members and encouraged those who might be facing difficulties with meeting their obligations to seek dialogue with the Credit Union.

She said construction is underway to establish a permanent branch in Morant Bay, St. Thomas by late this year.
The hybrid meeting concluded with the historic passing of a special resolution for the creation of a new ‘Starter Membership’ tier that will facilitate access to the services of the Credit Union for young adult students aged 18 – 24 years and the unemployed or low income-earners without the financial capabilities to afford the full membership fee.

All Comments

0 Comments

Leave a Reply

Your email address will not be published.