BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2022 14 credit union the financial services provider of choice as evidenced by the 96.0 percent service rating on the annual customer satisfaction survey. The increase in membership contributed to the credit union’s deposits growing by $78.8 million (2021 - $94.7 million) or 5.7 percent (2021 – 7.4 percent). At March 31, 2022 approved loan commitments and pending disbursements cumulatively totaled $97.4 million (2021 -$103.4 million) decreasing marginally from prior year by $6.0 million or 5.8 percent. During fiscal 2022, credit union net loans grew moderately by $60.3 million or 5.7 percent. Increases in mortgage loans was the primary driver of loan growth, with net mortgages growing by 66.6 million (2021- $36.9 million) or 17.7 percent (2021- 10.9 percent). Consumer loans growth declined for the second consecutive year; the decline for 2022 fiscal was 5.5 million (2021- $27.9) or 0.83 percent (2021- 4.0 percent). Business loans however showed marginal increase over the prior year by $105.6 thousand (2021- ($359.2) thousand) or 2.3 percent (7.1 percent). The credit union continues to record growth in other key areas of its balance sheet as evidence by the following: 2018 2019 2020 2021 89, 200 95 ,000 100,700 103 , 300 2022 107, 500 Resilience through COVID-19 Continuous member growth Member satisfaction Management Discussion & Analysis (MD&A) Group Overview: We are a group of companies committed to improving the livelihood of people and their communities. Born out of the cooperative spirit, our members and customers have been the driving force and catalyst behind our many achievements, including our growth and transformation over the past five decades. As we enter into our fifty-first (51st) year as a Credit Union and eleventh (11th) as a Group, we acknowledge and laud the foresight and vision of our founding members, and the support of our existing members and customers without whom, this journey would not have been possible. Adoption of New Accounting Standards During the fiscal ended March 31, 2022, there were no newly adopted or implemented accounting standards which had a significant impact on the reporting or performance of the Group. Snapshot of Credit Union’s Performance: In 2022, the credit union team of dedicated professionals assisted members by helping them identify appropriate financial solution to meet their needs. Amid challenging economic conditions, the Barbados Public Workers Co-operative Credit Union Limited membership grew by 4,531 or 4.4 percent to reach 107,506 during the financial year that ended March 31, 2022. With our success anchored to the quality of service we deliver, staff continued to focus their efforts on transforming the member experience to make the This MD&A provides a discussion and analysis of the financial position and performance of the consolidated operations of the Barbados Public Workers’ Co-operative Credit Union Limited and its subsidiaries (“the Group”) for the financial year ended March 31, 2022. This MD&A should be read in conjunction with the audited consolidated financial statements, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”). The Group includes the parent, Barbados Public Workers’ Co-operative Credit Union Limited and its subsidiary Allied Co-operators Inc., BPW Financial Holdings Inc., the holding company for the CAPITA Group that includes subsidiaries Capita Financial Services Inc. (“CAPITA”) and Capita Insurance Brokers Limited (“CIB”).
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