87 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2020 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2020 (Expressed in Barbados dollars) 70 26. Financial Risk Management, continued 26.2 Credit risk, continued Credit Quality Analysis IFRS 9 – 2019 Stage 1 Stage 2 Stage 3 Total Loans and advances at amortized cost Current $ 927,688,052 - - 972,688,052 Overdue <30 days 128,505,491 - - 128,505,491 Overdue 31 days to 89 days - 87,924,746 - 87,924,746 Overdue over 90 days - - 111,284,329 111,284,329 Total gross loans 1,056,193,543 87,924,746 111,284,329 1,255,402,618 Expected credit loss allowance Balance at April 1 (1,856,184) (1,565,070) (23,297,751) (26,719,005) 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) 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) Amounts charged-off/write-off - - 3,283,866 3,283,866 Total expected credit loss allowance (2,359,004) (1,995,213) (23,799,546) (28,153,763) Net loans and advances $ 1,053,834,539 85,929,533 87,484,783 1,227,248,855 Interest receivable 8,511,040 $ 1,235,759,895
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