10
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
However, impaired loans grew by $5.8 million during the 2013
financial year as compared to $15.4 million in the prior year.
The Credit Union will continue during the coming months to
work diligently with defaulters to offer them alternatives and
restructuring plans to enable them to restore their loans to a
state of normalcy.
LIABILITIES
Deposits totaled $672.4 million and were $26.0 million or
4.0 percent higher than at the previous year-end. Deposits
resulting from new membership during the year accounted
for 45.4 percent of the deposit growth.
Loans payable were reduced during the year to $55.4 million
from $59.6 million as a result of amounts of $4.2 million
being repaid within the financial year. Other liabilities and
reimbursable member shares grew by $1.8 million and $1.2
million or 77.1 percent and 26.3 percent respectively.
EQUITY
Total equity comprised of share capital, statutory and other
reserves and retained earnings and is the backbone of financial
stability and allows for future growth and development.
As at March 31, 2013, equity totaled $89.3 million up from
$78.5 million as at March 31, 2012. The increase of $10.8
million primarily reflects net income of $12.1 million, growth in
share capital of $0.3 million offset by distributions to members
of $1.5 million.
BEYOND 2013 – A TRANSFORMATION STRATEGY
The Credit Union will continue to reposition itself to better
help its membership throughout this recessional period. The
road ahead is fraught with dangers, one of the most obvious
being the ability and intention to repay.
The financial year ending March 31, 2014 will prove to be
a time of innovation as the Credit Union faces the various
challenges on the horizon. The Credit Union recognizes that
it has to adopt a policy where we won’t say no until we have
done everything we can do to say yes with regards to helping
our members in this recessionary time.
In this environment, it’s more important than ever that we
earn and maintain the trust of our members, and work with
them to grow and become financially better off. We are in
the process of realigning our operations to better address the
needs of each member. As a result, we envisage a greater level
of direct member engagement and interaction going forward
as we seek to better serve you.
MANAGEMENT DISCUSSION AND ANALYSIS
(continued)
