9
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
The Emerald City branch, which was opened on May 6, 2008
with a staff complement of three persons, now has a fully
operational ATM which was installed in 2009 and boasts a staff
complement of twelve.
As at March 31, 2013, this Branch has recorded 2,288 general
membership accounts, 741 Thrift Club accounts, mobilized
deposits of $32.2M and disbursed loans totaling $71M.
Reduced Interest Rates
Ever mindful of members’ needs in these trying economic
times the Credit Union reduced the interest rates on the Back-
to-School Line of Credit, from 15% to 13.5%, the residential
mortgage product from 7.25% to 6.95%, and in December
2012, the Christmas line of Credit from 16% to 13.5%. The
Credit Union is committed to, and will continue to review the
interest rates on all of its product offerings, to ensure that
members are afforded products at competitive and reasonable
rates, whilst being shielded wherever possible from the
onslaught of the current economic situation.
Youth Outreach
We continue to work with and for the benefit of the younger
demographic, and are pleased therefore to report the official
launch of the Thrift Club School Savers Program at the Princess
Margaret School on March 27, 2013. Approximately thirty
students have signed up to date.
This program for Secondary School students ages 12 to 15 is
intended to be an innovative and practical approach to teaching
and immersing our young people in the essential principles of
financial literacy as a vital supplement to the school’s standard
curriculum.
Joint Strategic Initiative with
Barbados Workers’ Union Co-operative
Credit Union Ltd.
It remains the vision of the Credit Union to be an access
point for other credit unions wishing to offer their members
use of the CarIFS debit card services. We are happy to
report the successful completion of a year-long project
between the Barbados Public Workers’ Co-operative Credit
Union Limited and Barbados Workers’ Union Co-operative
Credit Union Ltd., to facilitate their entry on the CarIFS network
through the BPWCCUL switch. This initiative culminated on
November 1, 2012, with an official launch at the Barbados
Workers’ Union headquarters at Solidarity House, Harmony
Hall, St. Michael.
Overview
The Board of Directors is proud to report yet another
commendable year’s performance, despite the challenges of a
prolonged recession.
The Barbados Public Workers’ Co-operative Credit Union Ltd.
and its subsidiaries (the “Group”) has recorded a net surplus of
$12.9M before appropriations.
Membership growth for the year was recorded at 5%.
This fiscal period was characterized by shrinking loan demand
resulting from a continual decline in our members’ disposable
income, and persistent delinquency challenges.
Notwithstanding the commendable performance, the volatility
in the financial services environment demands that we move
apace with developments to ensure that we maintain and/or
increase market share wherever we can in an ever changing
and exceptionally competitive environment.
Branch Expansion
In accordance with our mission statement we continue to strive
towards the improvement of our members on all levels, and
strive to differentiate our Credit Union from its competitors
through excellent delivery of service, provision of reasonably
priced products and services, enhanced service delivery
channels, and an expanded ATM network which includes the
placement of an ATM in Collymore Rock, St. Michael, within
the second quarter of this financial year.
Plans continue for the placement of an ATM in the north of the
island, in the Warrens area, and an expanded ATM bay at the
Belmont Road head office.
Our expanded branch network now includes our newest branch
located in the Carlton Supermarket Complex, Black Rock, St.
Michael, which was opened on December 5, 2012. This full
service branch offers all the products and services currently
available at any of our branches. Indeed, all our branches offer
the full range of products and services offered by the Credit
Union.
Response to this new Carlton location has been tremendous.
In addition to those persons living and working in and around
the Black Rock area being delighted to have us, residents in the
north of the island also welcome this more convenient location
away from Bridgetown. As at March 31, 2013 there were 284
new accounts opened. Deposits totaled $2.7M while loans
totaled $9.3M.
Consistent with our thrust to enhance member satisfaction
and convenience levels, we have expanded our footprint at
our Emerald City Branch, by successfully negotiating additional
rental space in the Emerald City complex, to house our loans
and mortgage operations. This has alleviated the congestion in
the satellite branch located within the Emerald City complex, as
well as offer greater privacy to members conducting business.
BOARD OF DIRECTORS’ REPORT
