Newly appointed First Heritage Co-operative Credit Union Limited (FHC) Chief Executive Officer Xavier D Allen, in his inaugural address to members of the credit union, outlined three pillars on which he plans to continue building the legacy of the financial institution, as part of Vision 2040.

Allen, following his introduction as the new CEO of FHC at the 2025 annual general meeting, held at The Summit on Monday, June 16, 2025, told members in attendance in person and online that he is not there just to lead, but to walk, build, and dream with the members.

“‘Member At The Centre’ is a clear sense of responsibility and a deep commitment to the mantra that has guided First Heritage for over a decade. I have spent my first few weeks actively listening, learning, and engaging with our teams, our members, and our directors. Within the development of our 2040 strategic vision, it’s time to build on our strong foundation and reimagine what’s possible,” he shared.

He added that FHC Credit Union will continue to serve its members with integrity, innovation, and impact.

“We are entering a bold new chapter in our evolution, and it is one rooted in three pillars: digital transformation, inclusive innovation and sustainable growth,” Allen explained.

“Our strategic vision with digitisation includes the phases to accelerate the roll-out of intuitive, secure, and accessible digital platforms; create seamless, member-first experiences across mobile, online, and in-branch services; and to leverage data and digital tools to anticipate needs, personalise offerings, and deliver value in real-time,” he continued.

Strong results

CEO Allen went on to report on the stellar performance of FHC, which earned a net surplus of $354.34 million compared to the prior year’s surplus of $330.66 million, representing a 7.96 per cent increase year over year. It also achieved loan disbursements of $6.12 billion. 

The credit union’s total assets have increased by 7.96 per cent compared to the previous year, reaching a high of $20.49  billion or $1.51 billion over the prior year’s $18.98 billion. The Group had total assets of $20.55 billion as of the 2024 year end, compared to $19.04 billion (2023) — a 7.91 per cent increase.

The performance of affiliated financial company FHC Investments Limited was commendable, with its FHC Pension Gold Retirement Scheme realising a 10 per cent increase in net assets valued at $1.728 billion at the end of the year. 

FHC Chairman Camelle Ricketts-Moore, for her part, noted, “Our Credit Union is well-positioned for sustained growth and transformation. Our perspective remains positive that we will achieve our key strategic obligations and that the management team will continue to drive operational excellence and enhance financial inclusion. We will continue to honour our promise of creating a secure future by delivering exceptional value and building a resilient, future-ready institution that is equipped to thrive in a fast-evolving financial landscape.”

The Credit Union’s performance in 2024 has been described as remarkable, with the institution successfully navigating economic challenges such as inflation, rising interest rates, and ongoing global supply chain disruptions. Notably, key prudential ratios, particularly capital adequacy and liquidity, remained strong and well above regulatory benchmarks. These indicators reflect the Credit Union’s financial resilience and continued ability to deliver on its strategic objectives while keeping members’ needs at the forefront.

The Credit Union attributes its continued success to the steadfast support of its members, the dedication of its team, and the commitment of its volunteers. As the organisation looks ahead, it remains focused on strengthening member value, building institutional sustainability, and maintaining its position as a trusted financial partner in a dynamic economic landscape.