Consolidated Annual Report 2019

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2019 83 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2019 (Expressed in Barbados dollars) 68 26. Financial Risk Management, continued 26.2 Credit risk, continued Credit Quality Analysis IFRS 9 – 2019 IAS 39 - 2018 Stage 1 Stage 2 Stage 3 Total Total Loans and advances at amortized cost Current $ 927,688,052 - - 972,688,052 907,352,314 Overdue <30 days 128,505,491 - - 128,505,491 139,798,180 Overdue 31 days to 89 days - 86,188,134 - 86,188,134 56,741,062 Overdue over 90 days - - 113,020,941 113,020,941 89,686,528 Total gross loans 1,056,193,543 86,188,134 113,020,941 1,255,402,618 1,193,578,084 Expected credit loss allowance (2018 – Provision for impaired loans) Balance at April 1 (1,856,184) (1,565,070) (23,297,751) (26,719,005) (24,694,339) Impact of IFRS 9 implementation (614,337) (422,404) 571,877 (464,864) - Balance at April 1 (adjusted) (2,470,521) (1,987,474) (22,725,874) (27,183,869) (24,694,339) Transfer to stage 1 (227,556) - - (227,556) - Transfer to stage 2 - (630,392) - (630,392) - Transfer to stage 3 - - (492,862) (492,862) - Net remeasurement of loss allowance 339,073 622,653 (3,864,676) (2,902,950) (6,942,341) Amounts charged-off/write-off - - 3,283,866 3,283,866 4,917,675 Balance at March 31 (2,359,004) (1,995,213) (23,799,546) (28,153,763) (26,719,005) Interest receivable - - - 8,511,040 7,717,386 Net loans and advances $ 1,053,834,539 84,192,921 89,221,395 1,235,759,895 1,174,576,465