EduCom named Credit union of the Year for 2021 Loop Jamaica
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EduCom named Credit union of the Year for 2021
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1 hrs ago – Updated
2nd Vice President of the Jamaica Co-operative Credit Union League, O’neil Grant (left), presents the award for Credit Union of the Year for 2021 to Elvis King, EduCom Co-operative Credit Union’s CEO at an awards banquet held on July 20, 2022.
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EduCom Co-operative Credit Union edged out seven of its competitors to earn the ‘Credit Union of the Year Award’ for 2021 in the Large Credit Union Category.
The Credit Union of the Year Award is based on adherence to several ratios, which include institutional capital, asset growth, operational expenses, net income, net loans and liquidity reserves/savings.
Elvis King, Chief Executive Officer of EduCom Co-operative Credit Union Limited, lauded the staff and reiterated the importance of teamwork in achieving the goals for the year.
“Our success is built on the value that we place on our stakeholders. It is entrenched in our coordinated effort, our commitment to excellence, and our determination to excel in what we set out to do. At the leadership level, we set goals, and our team executed operationally, as we remained focused on our strategic choices,” King said. He was speaking at the annual awards banquet in July 2021.
EduCom’s financial performance for 2021 was solid. It recorded 17.2 per cent growth in revenues, resulting in a surplus of $219 million for the year.
The credit union outlined in its annual report that members continued to show their confidence in the institution by increasing savings by 10.9 per cent.EduCom ended the year at $8.986 billion compared with $8.103 billion in 2019.
Meanwhile, total assets increased by 11.5 per cent over 2019’s performance, moving from $9.763 billion to $10.888 billion.
EduCom Co-op. Credit Union serves 86,000 members from nine locations.
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