JIS News

Lloyd McKenzie, Chairman of the Management Committee of the Clarendon People’s Cooperative (PC) Bank, has reported an increase in operations over the 33-month period from January 1, 2001 to September 30, 2003, despite the closure of a number of its branches.
He was speaking at the annual general meeting of the Bank’s shareholders held recently at the Denbigh Showground in May Pen.
In presenting his report, Mr. McKenzie pointed to a six per cent increase in lending over the period, moving the loan portfolio from $147 million in 2001 to over $155 million at the end of September 2003.
In addition, the savings portfolio grew by 47 percent from $53 million to $77 million, while there was a 19 per cent increase in membership from 8,800 persons to a little over 10,000 persons.
The Chairman credited the growth to the increase in efficiencies resulting from the Bank’s rationalization effort, which saw the closure of the Mocho, Richmond Park, Smithville and James Hill branches. Only three branches remain open; the Chapelton, May Pen and Kellits locations.
Mr. McKenzie informed further, that as part of the rationalization process, a National People’s Cooperative Bank of Jamaica would be formed, which would serve as the headquarters for all the banks throughout the island. The entity will be located in Mandeville.
Apart from the downsizing, Randol Reid, Manager of the Clarendon PCs, attributed the increase in operations to the timely disbursement of loans to farmers, proper management, and the expansion of services offered such as Western Union money transfers, bill payments and the sale of phone cards.
These transactions, he informed, commenced in 2002 and have brought the Bank earnings of $3.1 million.Another service offered, is assisting farmers to receive their registered land titles at about 25 percent of the regular cost.
Mr. Reid emphasized that the strategy of the Bank for the next financial year was to achieve improved efficiency, while increasing earnings.

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