BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2016
13
BOARD OF DIRECTORS REPORT
OVERVIEW
The Board of Directors, management and staff of the
Barbados Public Workers’ Co-operative Credit Union Limited
(BPWCCUL) are extremely proud with the progress made by
the organization, its subsidiary and affiliated companies during
the financial year ended March 31, 2016, notwithstanding the
volatile economic environment.
The Credit Union continued to grow in key aspects of its
operations. Membership averaged 447 persons monthly,
recording net growth of 5,363. Deposits grew by $87.8
million or 11.3 percent, while assets increased by $90.0 million
or 9.7 percent. Notwithstanding, interest on deposit rates
continue to steadily trend downwards. In spite of this ongoing
development, we were able to offer competitive rates on
deposits to our members.
The key areas of risks faced by the Credit Union sector related
mostly to concentration, credit quality and delinquency. Non-
performing loans decreased by $1.8 million or 3.5 percent.
As a consequence, the delinquency rate decreased from 6.7
percent to 6.3 percent over the course of the year.
In full adoption of the prudent and continuous management
of our loan portfolio, we have formulated individual payment
arrangements and debt management strategies, with the
primary objective of improving our members’ financial and
economic well-being. We therefore commit to continue
working with our members, who are experiencing challenges
to offer solutions geared at returning their financial affairs to a
state of normalcy.
We take this opportunity to outline some of our achievements
during the year and to identify a number of opportunities and
key areas of focus for our organization.
ENHANCED IN-BRANCH CONVENIENCE
Last year, we promised expanded facilities at our Emerald
City location. This latest undertaking, the third at that
particular location, was completed with a formal blessing and
opening ceremony in December 2015. The branch was also
complemented with the installation of two full service ATMs,
as well as a coin counting machine, supporting an enhanced
and integrated service delivery.
In addition longer business hours are now in place at Emerald
City, augmented by 24 hour ATM access.
This outlet is therefore better able to adequately and efficiently
offer our full suite of available services in new commodious
surroundings. Our expectations are that this branch will
continue to surpass its objectives.
NEW PRODUCT OFFERINGS
Ever mindful of members’ needs, the Credit Union
conceptualized and brought on stream an attractive investment
vehicle with appeal to both new and seasoned investors.
The Executive Platinum Plan was introduced to attract those
seeking to enhance their investment portfolio and their
retirement income, as an adjunct to their Registered Retirement
Savings Plan. The Board is confident that this product, with its
embedded flexible and fixed components, will support both
long and short term financial goals.
Consistent with our commitment to enhance our members’
financial well being and in response to the members’ request,
the Board is pleased to announce that plans are well advanced
and ongoing to launch the Members’ Equity Share Plan during
this financial year. This product will provide members with
an opportunity to share in earnings whilst strengthening the
Credit Union’s equity position.
SUPPORT FOR OUR YOUTH
Commitment to our youth demographic remains firm and
steadfast. We continue to initiate and implement programs
aimed at supporting and nurturing the robust, holistic
development of our young people. Annually, the Credit Union
subsidizes a number of organic youth focused activities.
Ranging from vintage, yet first rate staples such as the Annual
Summer Camp, to the more recent and equally beneficial Thrift
Club School Savers Programme, our focus remains riveted in
ensuring the institutionalization of programs and enterprises,
to create a competitive advantage for the youth as they migrate
through the various developmental stages of their lives.
President
Bro. Glendon A. Belle
