AAMM COOPERATIVE Credit Union is the third-time winner of the Jamaica Cooperative Credit Union League's Credit Union of the Year Award, a first in the history of the credit union movement. The credit union which has total assets in excess of half billion dollars was selected from among 15 of the largest credit unions islandwide.
Selection of awardees is based on performance in relation to the P.E.A.R.L.S.-M rating standard used by international monitoring agencies to assess all the core business areas of credit unions. These areas include protection of assets and members' savings, management, effective financial structure, asset quality, liquidity, signs of growth, rates of return and costs.
Recently, AAMM Cooperative Credit Union announced a 15 per cent growth in total assets from $512.9 million in 2003 to $590.2 million in 2004, and a 14.8 per cent increase in total capital during the same period. AAMM also recorded total gross earnings of $102.8 million at the end of 2004, representing an increase of 11.85 per cent over 2003.
