33
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
Notes to the Consolidated Financial Statements
For the year ended March 31, 2013, with comparative figures for 2012
(Expressed in Barbados dollars)
11. LOANS AND ADVANCES
(i) Loans and advances are comprised of the following:
2013
Consumer
Business
Mortgages
Total
Performing loans
$ 444,594,494
8,623,594
279,369,698
732,587,786
Impaired loans
33,642,427
717,336
25,171,083
59,530,846
Gross loans
478,236,921
9,340,930
304,540,781
792,118,632
Less: provision for impairment
(17,068,869)
(240,879)
(3,293,557)
(20,603,305)
$ 461,168,052
9,100,051
301,247,224
771,515,327
Add: interest receivable
3,099,172
$ 774,614,499
2012
Consumer
Business
Mortgages
Total
Performing loans
$ 428,034,417
3,092,846
278,403,576
709,530,839
Impaired loans
31,289,468
534,718
23,263,578
55,087,764
Gross loans
459,323,885
3,627,564
301,667,154
764,618,603
Less: provision for impairment
(14,345,425)
(235,977)
(2,945,593)
(17,526,995)
$ 444,978,460
3,391,587
298,721,561
747,091,608
Add: interest receivable
2,637,764
$ 749,729,372
Finance leases at March 31, 2013 amounted to $ 28,770 (2012 - $52,415).
A portfolio of mortgage loans of a subsidiary has been pledged as security for certain customer deposits totalling $18,800,000
(2012: $18,800,000). At March 31, 2013 a floating charge of $15,000,000 (2012: $15,000,000) over these deposits had been
formalized.
(ii) The movement in provision for impaired loans is as follows:
2013
Consumer
Business
Mortgages
Total
Balance, beginning of year
$ 14,345,425
235,977
2,945,593
17,526,995
Amounts charged off
(1,797,104)
(16,588)
-
(1,813,692)
Loan impairment expense
4,520,548
21,490
347,964
4,890,002
Balance, end of year
17,068,869
240,879
3,293,557
20,603,305
Individual impairment
13,252,446
215,408
2,553,198
16,021,052
Collective impairment
3,816,423
25,471
740,359
4,582,253
$ 17,068,869
240,879
3,293,557
20,603,305
2012
Consumer
Business
Mortgages
Total
Balance, beginning of year
$ 10,290,169
147,253
3,901,508
14,338,930
Amounts charged off
(792,224)
(13,046)
-
(805,270)
Loan impairment expense
4,847,480
101,770
(955,915)
3,993,335
Balance, end of year
14,345,425
235,977
2,945,593
17,526,995
Individual impairment
11,313,220
225,869
2,212,449
13,751,538
Collective impairment
3,032,205
10,108
733,144
3,775,457
$ 14,345,425
235,977
2,945,593
17,526,995
