FHC Credit Union reports record $408.07 Million Net Surplus CEO Xavier Allen focused on strengthening member experience
Members of First Heritage Co-operative Credit Union Limited (FHC) listened as the institution recorded a Net Surplus of $408.07 Million for the 2025 financial year at its Annual General Meeting on Thursday, September 10, 2026.
Hosted at the AC Marriott in Kingston, CEO Xavier Allen announced that this performance was recorded before honourarium and donations. He also shared that the organisation continues to strengthen its financial performance and advance its digital transformation to better serve its members.
The results were presented at FHC’s 14th Annual General Meeting in a hybrid format where members received an update on the Credit Union’s financial performance, strategic priorities and plans for the period ahead.
“Our results in 2025 reflect both the resilience of FHC and the confidence our members continue to place in us. We are making progress not only in strengthening the business, but also in building a Credit Union that is relevant to the next generation of members. Our task now is to build on that progress through continued investment in technology, stronger operational performance and the strategic decisions necessary to secure FHC’s long-term sustainability,” Allen said.
The record surplus was achieved against the backdrop of a restatement of FHC’s 2024 results, which included a full $270 Million impairment of its subsidiary and the removal of $189 Million in goodwill associated with the acquisition of St. Thomas Co-operative Credit Union. Notwithstanding these adjustments, FHC delivered its strongest surplus to date, reflecting what management described as disciplined financial management and strategic execution.
Intake Growth
FHC also recorded deposit growth of $1.78 Billion, an 8.12 percent increase over the previous year, while total loan disbursements reached $5.80 Billion. The loan portfolio grew by 5.86 percent year-on-year to $16.76 Billion, demonstrating continued demand for FHC’s lending solutions.
FHC also undertook a rationalisation of its loan, savings and deposit products, simplifying its portfolio to provide members with clearer choices while improving operational effectiveness.
At his second AGM since taking the helm of the institution in April 2025, Allen reaffirmed the organisation’s commitment to deepening its digital transformation noting:
“Our digital transformation journey is about more than introducing new technology; it is about making FHC easier to access, easier to engage with and more responsive to the needs of our members through the expansion of our website capabilities [and] continued enhancement of our Mobile Applications,” he said.
New Path for FHC Investments
The performance of FHC Investments Limited (FHCIL), however, remained an area requiring strategic intervention. The subsidiary recorded a Net Loss after tax of $53.98 Million in 2025, compared with $40.93 Million in the previous year. Management attributed the loss primarily to an expanded cost base during the first half of 2025, when anticipated sales inflows did not materialise at the required pace. Measures implemented during the third and fourth quarters subsequently slowed the rate of losses.
Against this background, FHC is actively pursuing opportunities to bring a private equity partner into FHCIL to provide additional capital, support its recovery and reposition the subsidiary for sustainable growth. A special resolution was placed before members, and passed, as part of this strategic process.
Outlook on Member Experience
As members increasingly expect financial services to be accessible, convenient and responsive through digital channels, FHC recognises that strengthening its digital capabilities is critical to how it serves members and operates as a modern financial institution.
Allen continued, “Our goal is to create a more seamless experience for our members while building a more efficient and agile organisation. Digital will increasingly become an integral part of how we deliver value, and we are committed to ensuring that FHC continues to evolve with the expectations of the members and communities we serve.”
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