Non-Consolidated Annual Report 2018

12 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2018 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, 2018, equity totaled $147.9 million up from $133.9 million as at March 2017. The increase of $14.0 million is primarily attributed to net income for the year of $16.6 million and the growth in share capital of $622.1 thousand. The distribution to members was $3.2 million. THE WAY FORWARD The Barbados Public Worker’s Co-operative Credit Union Limited remains steadfast in its dedication to its core reason for existence to improve the lives of our members and the communities we serve. While the Barbados Public Worker’s Co- operative Credit Union Limited continues to grow and expand its membership, we strive to ensure that we are providing a supreme service experience toourmembers inevery interaction. To broaden our reach to our existing and potential new membership, a Mobile Business Centre and a branch located in the north of the island, Mile and a Quarter, St. Peter were operational from the second quarter of the financial year. The Mobile Business Centre and the Mile and a Quarter branch exceeded budgeted expectations in every aspect and were welcomed by the communities in which they operate. The Mobile Business Centre was used to service various events and communities across the island, the first of its kind to take various services to our members. Some of the services o ered by the Mobile Business Centre include, loan origination, member services and ATM services. As we consider the future of the Credit Union, and think about how to add services, and increase convenience, we know that much of our upcoming expansion will not be in just brick and mortar locations, but also in an ever expanding suite of digital o erings on smartphones, tablets, computers, smart watches, and other devices. We are working diligently to ensure that we have the latest technology so that our members can manage their money, how, when, and where they want. We are however sensitive of the fact that some of our members may be experiencing challenges as it relates to servicing their obligations. To this end, we are committed to working closely with you, our members to minimize and control delinquency ensuring that you, our members are better o financially and economically. The Barbados Public Workers’ Co-operative Credit Union Limited is well positioned, strategically and financially to ensure that we will continue to serve our membership, and to help them to thrive, well into the future. MANAGEMENT DISCUSSION AND ANALYSIS (Continued)