Business Monday: Improved results

 

THE Barbados Public Workers Co-operative Credit Union Limited, this country’s largest Credit Union, has recorded strong performances during the last financial year prompting the Board of Director to express satisfaction with the results.
 
Members met on Saturday for the Credit Union’s annual general meeting at the Lloyd Erskine Sandiford Conference Centre with the financial statements for the year to March 31, 2016, being one of the areas discussed.
 
In highlighting the outurn performances, President Glendon A. Belle said the improved results of the BPWCCUL took place notwithstanding the volatile economic climate.
 
He said that membership averaged 447 persons monthly recording net growth of 5 363. In addition, deposits grew by $87.8 million or 11.3 per cent, while assets surged by $90 million or 9.7 per cent.
 
“Notwithstanding, interest on deposit rates continue to steadily trend downwards,” the President said while noting that the Credit Union was able to offer competitive rates on deposits to members.
 
With asset taxes of $1.9 million incurred during the year under review, overall net income was $13.5 million compared to $9.6 million or 41 per cent. Total revenue grew by $8.2 million or 11.4 per cent.
 
Belle said that the key areas of risk faced by the Credit Union sector related mostly to concentration, credit quality and delinquency. Non performing loans, Belle explained, “decreased by $1.8 million or 3.5 per cent. As a consequence, the delinquency rate decreased from 6.7 per cent to 6.3 per cent over the course of the year.”   
 
Belle said that in full adoption of the prudent and continuous management of their loan portfolio, they have formulated individual payment arrangements and debt management strategies with the primary objective of improving 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,” Belle added.   

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