Tuesday 27 October, 2020

First Heritage Co-operative Credit Union realises record net surplus

CEO of First Heritage Co-operative Credit Union (FHC), Roxann Linton

CEO of First Heritage Co-operative Credit Union (FHC), Roxann Linton

CEO of First Heritage Co-operative Credit Union (FHC), Roxann Linton, indicates that in a year, the credit union realised a record level of net surplus generation of $273.44 million, a 13.25 per cent increase over 2018.

Linton also said the credit union continues to emphasise member-centred initiatives to protect its members in challenging times.

FHC is pursuing the digitisation of platforms to better serve members, alongside targeted financial advice to those requiring it.

Speaking on Thursday September 17 at the institution’s eighth annual general meeting (AGM) in Kingston, Linton stated, “especially now in the circumstances of the pandemic we’re here for you—to help you find the financial solutions you need to get through this period. We have our “Member Assistance Programme” to support you. We will help you to get back on track.”

The AGM, held at the Jamaica Conference Centre in Kingston was streamed virtually.

CEO Linton welcomed those joining online, stating that FHC continues to “be engaged, connected and present with you our valued members. None of us would have ever imagined hosting an annual general meeting like this. But, our world has changed in unpredictable ways since the COVID-19 outbreak.”

“We are grateful to everyone for adapting to this year’s format and for ensuring the business of the credit union continues on,” the CEO said.

Members participating in the staging of the 8th Annual General Meeting of the First Heritage Co-operative Credit Union held at the Jamaica Conference Centre on Thursday, September 17, 2020 amidst the COVID-19 pandemic.

“For the financial year ended, FHC delivered net surplus of $273.44 million representing the increase of 13.25 per cent over 2018,” Linton said. “Not only did we grow profitably – we grew prudently – thanks to our disciplined approach to risk management, cost management and the development of our people. And our strong capital and liquidity position enables us to remain resilient, and keep growing.”

Linton further outlined that FHC has introduced tailored and innovative products to expand the financial horizons of members – pointing to the “One and Move Taxi loan” which was very successful as it supported the realisation of entrepreneurial ambitions for over 360 member who now own and operate their taxi service.

There is also the “Grow It Campaign”, which will be an ongoing campaign focused on building consistent thrifty habits for members.

“We consider this essential as we encourage our members to build their personal financial resilience through saving,” Linton said.  

Management stated in the annual report, “The year 2020 has started with unprecedented change and economic impact due to the COVID-19 pandemic. Notwithstanding, we remain resolute in our commitment to remain close to our members and to enable your financial pursuits through the ebbs and flows of life. “We also assure you that our business continuity processes remain strong and the necessary foundation is in place to ensure our resilience during this pandemic and beyond.

Linton said in her address, “We feel confident about the road ahead. Our credit union is well-positioned to manage through the downturn. We have the stability and strength as reflected in our strong capital and liquidity ratios.”

She concluded, “As we prepare for the final quarter of 2020, we will engage in our planning activities to ensure that we continue to strengthen our position to serve you our members in new and better ways.”

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