The JTA Cooperative Credit Union is reporting a J$1 billion dollar increase in assets. Total assets have risen 12.2 per cent from J$8.5 billion to J$9.5 billion over last year. Since 2007 assets have grown steadily by more than one billion dollars annually. Member’s deposits have risen to J$7.5 billion dollars and voluntary shares grew by 10.7 per cent to J$4.1 billion dollars. Total revenue for the year exceeded the J$1 billion mark.
The JTA Cooperative is now the largest credit union in Jamaica when measured by assets, loans and savings. It currently has 31,000 members.
Speaking at the JTA Cooperative Credit Union's annual general meeting last Friday Dr. Dorothy Raymond, president of the Union, disclosed that the entity's lending rate had been reduced. She also announced that the repayment period for loans has been extended from six to eight years.