FHC Nets J$330M Surplus in 2023 A Year of Strong Financial Performance, Strategic Growth
FHC Awards $3.6m to 18 Students, 3 Entrepreneurs
Courtesy Call with the Governor-General of Jamaica
Members of First Heritage Co-operative Credit Union Limited (FHC) received official results at its 12th Annual General Meeting (AGM) on Monday, September 9, 2024.
The over 200 members at the hybrid AGM listened to the reports detailing the Credit Union’s $330.66 Million Net Surplus for 2023.
“Our 2023 financial year closed with exceedingly positive results, of which we are proud as a collective entity. The performance in 2023 is an improvement compared to the surplus of $184.25 Million in 2022,” announced Quilston Harrison, Acting CEO of FHC at the AGM. “Additionally members, the Company’s asset base grew to $18.98 Billion, up from $17.19 Billion in 2022.”
The performance was buoyed by the highest volume of loan disbursements in a single month in its history for three consecutive months.
In his Management Discussion and Analysis, Harrison emphasised the Credit Union’s ambitious theme for the year, “New Horizons… Dream, Dare, Deliver”, which under the guidance of then CEO and transformational leader, Roxann Linton, helped propel the organization’s journey of explortion and growth. “Our loan portfolio increased from $11.72 Billion in 2022 to $14.21 Billion in 2023, showing an increase of 21.16%. This was a remarkable year for us, as we exceeded our financial targets and expanded our loan portfolio by a record 28.80%, with loan disbursements totalling $6.70 Billion,” he said.
Additionally, the Credit Union saw a modest rise in new memberships, with contributions from these members playing a key role in enhancing FHC’s financial position year over year. This remarkable performance was largely driven by increased member engagement and the strong uptake of FHC’s diverse range of products and services.
FHC Investments Limited, a subsidiary of FHC Credit Union also demonstrated resilience in managing its investment portfolio, despite challenges in local markets, while celebrating growth in its Retirement Scheme membership, which saw 95 new members added, contributing to the 7.05% increase in net assets available for benefits.
Strategic Achievements
Throughout 2023, FHC continued to make strategic moves to ensure sustainable growth while staying true to its core principle of ‘Member at the Centre’, which aims to remain focused on delivering innovative financial solutions, strengthening member engagement, and meeting the needs of the dynamic market.
Votes for election of the Board of Directors, who will be charged to continue FHC’s vision of sustainable growth and member-centric service, were counted at the AGM.
They are Nickeisha Walsh; Hon. Mr. Justice Evan Brown; Wayne Jones; Carian Freckleton-Cousins; Karla Stephens-Hall; Camelle Ricketts-Moore; Kevin Forbes; and Stefan Richards. Forbes, who currently serves as financial controller at Allied Insurance Brokers, was nominated from the floor and voted on by the members.
The FHC Credit Union team engages in conversation before the start of the Annual General Meeting at Jamaica Pegasus Hotel on Monday, September 9, 2024. Pictured (from left) are Former Chairman of the Board Leodis Douglas, Acting CEO Quilston Harrison, Board Secretary Nickeisha Walsh, Former Board Treasurer Cranston Ewan, and First Vice-Chairman of the Board Wayne Jones.
Nicola Scott from the Department of Cooperatives & Friendly Societies collects the votes for the new members of the Board of Directors at the hybrid AGM held at Jamaica Pegasus Hotel on Monday, September 9, 2024.
The newly elected members of the Board of Directors (from left) are Hon. Mr. Justice Evan Brown, Nickeisha Walsh, Wayne Jones, Carian Freckleton-Cousins, Karla Stephens-Hall, Camelle Ricketts-Moore, Kevin Forbes, and Stefan Richards.
Acting CEO Quilston Harrison shares the outstanding performance of the Credit Union with its membership at the hybrid AGM held at Jamaica Pegasus Hotel on Monday, September 9, 2024.
FHC Awards $3.6M to 18 Students, 3 Entrepreneurs
Twenty-one Jamaicans got the chance to celebrate life and career milestones with the help of First Heritage Co-operative Credit Union Limited (FHC).
FHC held its Scholarship and Entrepreneurship Awards on Thursday, August 29, 2024, at the Jamaica Pegasus Hotel and revealed that the awardees will have access to $3.6 Million in education and business venture scholarships.
The awardees and their families listened to a rousing and inspiring keynote presentation from registered pharmacist, medical sales representative, and entrepreneur Dathan Henry. He encouraged the audience, even those at 12-plus, to “innovate, elevate, and celebrate throughout their lifetimes”. During the ceremony, CEO of FHC Credit Union, Quilston Harrison, emphasized the significance of the institution’s commitment to empowering the next generation, stating, “This isn’t simply about giving back; it’s about FHC Credit Union, through its Foundation, opening doors for young people, doors that will lead to opportunities with a lasting impact far beyond today.” The event celebrated the awarding of five-year scholarships to five outstanding Primary Exit Profile (PEP) students, while an additional five students were honoured with one-time PEP bursaries, underscoring FHC Credit Union’s dedication to fostering educational success and long-term community development. The total value of the PEP scholarship is $200,000.
FHC Credit Union has allocated $2.1 Million to continue two legacy awards that were established prior to the merger that formed the current Credit Union. These prestigious awards—the Renald Mason Awards and the Oswald Thorbourne Awards—are granted to tertiary-level students pursuing higher education. This year, a total of six students received these awards, representing a diverse range of fields including Tourism and Hospitality Management, Education, and Business. These scholarships highlight FHC Credit Union’s ongoing commitment to supporting the academic and professional aspirations of Jamaica’s future leaders.
Introduced in 2023, the FHC Foundation has chosen to position its Youth, Education & Sports (Y.E.S.) pillars in such a way that Sports will be the lead pillar; this will in turn be anchored by the Youth and Education thematic areas. This sees the FHC Foundation focusing on Sports Education amongst the youth population.
Two students from the G.C. Foster College of Physical Education & Sport were honoured as recipients of the second FHC Sports Education Scholarship. Among them, Lavana Shorter, moved to tears, expressed her deep gratitude during her award acceptance, sharing how this scholarship has renewed her hope and inspired her to keep pushing forward in her studies. Due to the exceptional quality of applications this year, the scholarship committee decided to award a bonus recipient, further demonstrating FHC Credit Union’s commitment to supporting the educational journeys of promising young scholars, coupled with the national initiative centred around sports development in Jamaica and the cultivation of ‘home-grown’ sporting disciplines that will support Jamaican athletes in the future.
In addition to the scholarships and bursaries, three young business owners will receive an injection of $500,000 as winners of the FHC Micro & Small Business Entrepreneurship Award. They are Shaundrice Foster, principal of cosmetology brand G.Weed Cosmetics; fashion designer Romario Clarke of Yolvinta Company Ltd; and agri-techpreneur Toni-Ann Williams of Mosa Estate Hydro Farm. Michelle Tracey, Assistant General Manager — Marketing, Communications and Member Experience at FHC explained that the micro and small business owners will each receive the $500,000 grant as well as business coaching and mentorship over the course of one year.
pharmacist, medical sales representative, and entrepreneur Dathan Henry had the audience’s rapt attention for his keynote address.
Registered
Michelle Tracey (centre) FHC Assistant General Manager of Marketing, Communications and Member Experience with the FHC 2024 PEP Scholars (from left) Gabriel Haye; Jhanelle Smith; Chelsea Dixon; Jaden Campbell; Matthew Blackstock; and Mekhi Lumley.
Michelle Tracey (right) FHC Assistant General Manager of Marketing, Communications and Member Experience proudly presents the 2024 cohort of the Entrepreneurship Awards to the audience (from left) agri-techpreneur Toni-Ann Williams of Mosa Estate Hydro Farm; fashion designer Romario Clarke of Yolvinta Company Ltd; and Abijah Scarlett, representing her friend Shaundrice Foster, principal of cosmetology brand G.Weed Cosmetics.
Dathan Henry (left) keynote speaker and Michelle Tracey (right), FHC Assistant General Manager - Marketing, Communications and Member Experience stand with the 2024 cohort of the FHC tertiary scholars receiving scholarships and bursaries in honour of Renald Mason and Oswald Thorbourne (from second left) Kassandra Morgan; Tonique Orgill; Latanya Allen; Melissa Myrie; Nashanique Heslop; and Stacey-Ann Whyte.
Acting CEO of FHC Credit Union Quilston Harrison addressed the scholars and entrepreneurs at the awards ceremony on Thursday, August 29, 2024 at the Jamaica Pegasus Hotel.
FHC Scholarship and Entrepreneurship 2024 Awards keynote speaker Dathan Henry and FHC Credit Union’s Assistant General Manager - Marketing, Communications and Member Experience Michelle Tracey pose after the ceremony with the 2024 Sports Education scholars Bachelor of Physical Education student Shemore Howell and Bachelor of Coaching and Sports Administration student Lavana Shorter at the awards ceremony on Thursday, August 29, 2024 at the Jamaica Pegasus Hotel.
COURTESY CALL
WITH
THE GOVERNOR-GENERAL OF JAMAICA
The 2023 FHC Civil Servants of the Year, along with team members of FHC Credit Union and representatives from the Ministry of Finance & Public Service’s Civil Service Week Steering Committee, had the honour of visiting King’s House for a courtesy call with His Excellency, The Most Honourable Sir Patrick Allen, Governor-General of Jamaica.
During the visit, they discussed the vital role civil servants play in shaping our nation and their ongoing positive impact. Each year, the three awardees are tasked with undertaking a special community project, funded by FHC Credit Union, aimed at improving lives across Jamaica. For the 2023 awardees, their focus was on the renovation of Reddie’s Place of Safety, a home for children under state care. This impactful project significantly upgraded the facility, creating a more supportive and nurturing environment for the children, positively influencing their growth and development.
We proudly partnered with the 2023 FHC Civil Servants of the Year Awardees on Labour Day to support the completion of their impactful community project at Reddie’s Place of Safety. Together, we contributed to the renovation efforts, enhancing the facility for its residents and demonstrating our shared commitment to community upliftment. This collaboration not only highlights the dedication of these civil servants but also reflects our continuous support for initiatives that bring positive change.
MEMBER SPOTLIGHT:
ACCESS DI ACCESS PROMOTION
Congratulations are in order for Tamika Benjamin, a loyal member of FHC Credit Union for 22 years, on winning the grand prize in our Access Di Access + Brawta competition; an all-expensepaid trip to Mexico! Tamika’s journey with us has been one of dedication and commitment, and her rewards didn’t stop there. Before the grand prize, she also won an iPhone 15 in the weekly giveaway.
We are thrilled to celebrate Tamika’s exciting wins and, more importantly, her continued loyalty and support as part of the FHC Credit Union family. We value her as a shining example of the meaningful connections we build with our members over the years.
On Thursday, May 30, FHC Credit Union proudly hosted an insightful financial literacy webinar aimed at helping members flourish financially. The event featured Tanya Powell, a distinguished financial expert, as the guest speaker. Powell shared essential financial tips and strategies, providing attendees with the tools to take control of their financial wellness journey.
Powell brought a wealth of knowledge to the webinar, offering practical advice and actionable strategies that participants could immediately implement. With her engaging presentation style and extensive experience in financial management, Powell covered a range of topics, including budgeting, saving, investing, and managing debt. Her insights provided attendees with a clearer understanding of how to make informed financial decisions and build a secure financial future.
Key takeaways from the webinar included the importance of creating and sticking to a budget, various saving techniques such as setting up emergency funds and utilising high-interest savings accounts, an introduction to different investment options and their associated benefits and risks, and effective debt management strategies.
The interactive nature of the webinar was a highlight, with participants actively engaging in the question-and-answer session. Powell answered a wide array of questions, offering personalised advice on specific financial challenges and general financial planning. This engagement ensured that attendees left the webinar with a better grasp of their financial situations.
The feedback from participants was overwhelmingly positive. Many attendees expressed appreciation for the valuable information provided and noted that they felt more confident in their ability to manage their finances. The practical tips and clear explanations made complex financial concepts accessible and easy to understand.
FHC Credit Union is committed to supporting the financial wellness of its members and will continue to offer educational opportunities and resources to help them achieve their financial goals. Future events and webinars designed to further financial literacy and empower members to make smart financial decisions are already in the works.
The Financial Literacy Webinar was a testament to the Credit Union’s dedication to member education and financial well-being. Together, FHC and its members are building a financially secure and thriving community.
For those who missed the webinar or wish to revisit the material, a recording is available on the FHC Credit Union YouTube channel, @fhccu. Members are encouraged to take advantage of this resource and continue their journey towards financial literacy and wellness.
