BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2016
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In addition, impaired loans increased by $1.8 million during
the 2016 financial year as compared to an increase of $4.2
million in the prior year. The Credit Union will continue to
work diligently with defaulters to offer alternatives and
restructuring options to enable them to restore their loans to
a state of normalcy.
LIABILITIES
Deposits totaled $862.9 million and were $87.8 million or
11.3 percent higher than the previous year-end.
Loans payable were reduced during the year to $22.3 million
from $33.4 million as a result of an $8.4 million or 6 percent
rate bearing loan being repaid within the financial year. Other
liabilities increased by $1.1 million or 15.4 percent compared
to a decrease of $548.8 thousand in the prior year while
reimbursable member shares increased by $464.9 thousand
or 6.9 percent.
EQUITY
Total equity comprising of share capital, retained earnings,
statutory and other reserves is the backbone of financial
stability and allows for future growth and development. As
at March 31, 2016, equity totaled $118.8 million up from
$106.6 million as at March 2015. The increase of $12.2
million primarily reflects net income of $13.5 million, growth
in share capital of $643.6 thousand offset by distributions to
members of $2.0 million.
THE WAY FORWARD
The financial year ending March 31, 2017 will prove to be
a time of consolidation and proactivity as the Credit Union
continues to face the various challenges in the economy.
To this end, we will be revisiting our core values and founding
principles as we seek to enhance our members’ financial,
economic and social well-being. It is envisaged that we will
be providing opportunities for members to have a larger share
of the distribution of net surplus at year-end in the form of
dividends.
Going forward, as we seek to better server you, envisage a
greater level of direct member engagement and interaction
through our various social outreach and educational programs.
During the coming year, the Credit Union will continue to
work closely with our members to create payment solutions to
minimize and control delinquency while doing everything we
can to help our members become financially and economically
better off.
MANAGEMENT DISCUSSION AND ANALYSIS
(continued)
