Durrant Pate/Contributor

Despite the challenging economic conditions, Community & Workers of Jamaica Co-operative Credit Union (CWJCCU) continued to experience growth during the second quarter of 2022, both in terms of total assets as well as membership.

In addition, Jamaica’s solely listed credit union’s capital adequacy, liquidity and asset quality ratios remain strong, with emphasis on efficiency and improved performance month-over-month.

The credit union achieved a net surplus of J$56.07 million for the quarter compared to J$63.87 million in the corresponding quarter in 2021. This J$7.80 million decline in surplus was due primarily to a J$20.64 million increase in the loan loss provision.

This quarter’s surplus was 98.03 per cent more than the amount reported for the first quarter of 2022.  

Interest income trending up

The credit union earned an interest income of J$521.73 million for the quarter compared to J$496.37 million for the corresponding period in 2021.  Interest expense for the quarter remained flat.

Total interest expense for the June quarter was J$91.87 million compared to J$89.53 million for the second quarter of 2021. Non-interest income of J$101.49 million for the quarter was $25.38 million or 33.35 per cent more than that reported for the same period in 2021.

Fee income of J$70.47 million contributed to 31.98 per cent of the increase. Operating expenses for the quarter amounted to J$414.25 million, an increase of 8.44 per cent when compared to the corresponding period in 2021 and 0.65 per cent when compared to the first quarter of 2022.