New rate will apply for one year

Community & Workers of Jamaica Co-operative Credit Union Limited is advising that it intends to reset the interest rate on its 7.35 per cent deferred shares.

This will be done after the dividend payment scheduled for June 15, 2021. The sole listed credit union on the Jamaica Stock Exchange further advised that the new interest rate would be for one year.

Dividend payments on the Series A 7.35 per cent Variable Rate JMD Deferred Shares due 2023 are made on the 15th day of each month to shareholders on record as at the 28th day of the prior month. The first dividend payment was made on August 17, 2020 to shareholders on record as at August 7, 2020.

SIGNS OF RECOVERY

For the first quarter ended March 31, 2021, Community & Workers of Jamaica Co-operative Credit Union made a surplus of $19.6 million, which represents a decline of 71 per cent over the comparative period in 2020.

The decline was primarily due to a $66 million increase in the provisions for credit losses over the same period, reflecting the continued impact of the pandemic. However, there are signs of recovery with the credit union emphasising that the moratorium has provided the necessary reprieve to ease the burden on affected members.

Driven by increased savings of $1.7 billion in the March quarter, Community & Workers of Jamaica Co-operative Credit Union recorded total assets of $19.9 billion, an increase of 10.4 per cent or $1.9 billion compared to the March 2020 quarter.