Group Vision Statement . . . . . . . . . . . . . . . 2 Group Values . . . . . . . . . . . . . . . . . . . . . . . . . 2 Training and Development . . . . . . . . . . . . . 3 Our Leaders Board of Directors . . . . . . . . . . . . . . . . . . . . . 4 Management Team . . . . . . . . . . . . . . . . . . . . 5 Corporate Information . . . . . . . . . . . . . . . . . 6 Financial Highlights . . . . . . . . . . . . . . . . . . . 8 Management Discussion & Analysis . . . . . 10 Board of Directors’ Report . . . . . . . . . . . . 16 Independent Auditors’ Report . . . . . . . . . 28 Financial Statements . . . . . . . . . . . . . . . . . 32 CONTENTS In recognition of the ongoing pandemic and the difficult and changing operating environment we faced, our operating plans reflected a transition from business as usual to one focused on supporting, helping and providing solutions to members affected and displaced by the virus. LOCAL. TRUSTED. Serving our communities ONE opportunity at a time.
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 2
3 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 Training and Development Course Title • ACAMS Caribbean Annual Conference • American Bankers Payments Forum • Advanced Executive Assistants • Anti-Money Laundering, Combating the Financing of. Terrorism & Combatting Proliferation Financing • AML Training for Managers & Supervisors • Beyond the Numbers: Professional Interviewing Techniques • Exploring The New Barbados Data Protection Act • BCCI & PwC Post Budget Forum • Efficient Authorisation Workshop • Preparing & Optimising Women in Business • Caribbean Data Protection/Privacy Officer Training • Core Curriculum (Internal Audit) • IIA Webinar – Communicating with People As part of our commitment to continuous organizational development, members of staff completed the following training programmes during the year. • IFRS 2021 • Excel for Analytics • Mastercard Connect Overview • Performance Management Toolkit • Society For Human Resource Management - Annual Conference & Exposition • Symitar Educational Conference • The Invaluable Laws of Growth • The Principles for Fraud Management for Issuers
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 4 Our Leaders President Sis. Jameela Hollingsworth Treasurer Bro. Courtney Gibson Director Sis. Lydia Lewis Vice President Bro. Mark Hope Director Sis. Cheryl Inniss Director Bro. Terrol Inniss Secretary Bro. Hasani Evelyn Director Sis. Julie Corbin Director Sis. Kieva Cadogan Meet the Board of Directors
5 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 Manager, Management Information Systems Bro. Irwin Gibson Internal Auditor Bro. Eric Small Chief Operations Officer Bro. Richard Kennedy Member Relations Manager - Savings Sis. Harriett Franklin Risk Manager Sis LaVerne Derrick-Watson Compliance Manager Sis. Wanda Massiah General Counsel Sis. Natalie Holder Meet the Management Team Member Relations Manager - Loans Bro. Philip Babb Card and e-Services Manager Sis. Sadie Austin Group Chief Executive Officer Bro. Glyne Harriison Group Financial Controller Bro. LeVere Catlyn
6 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 CORPORATE INFORMATION BOARD OF DIRECTORS Ms. Jameela Hollingsworth, BSc , MBA — President Mr. Mark Hope, BSc , MBA, FCG, LLB — Vice-President Mr. Courtney Gibson, FCCA, FCA, MBA, CB, CCUE — Treasurer Mr. Hasani Evelyn, Assoc Degree – Sports Management, Cert Supervisory Management, Cert Management Skills & Strategic Planning — Secretary Ms. Cheryl Inniss, MSc Labour & Employment Relations, BSc Psychology & Special Education, TEACCH – Certificate in Autism, Introduction to Special Ed ADHD Certificate — Director Bro. Terrol Inniss, Higher Technicians Diploma in Operational Hydrology, Ordinary Technicians Diploma (Credit) Building & Civil Engineering, Cert in Advance Construction Project Management — Director Ms. Lydia Lewis, BSc (Hons), Dip Management, CCUV, CCD — Director Ms. Kieva Cadogan, BSc , CCUV, — Director Ms. Julie Corbin, MSc Management, BA (Hons) Psychology, CCD, CCUV — Director EXECUTIVE MANAGEMENT Mr. Glyne Harrison, BSc, MSc, MSc , CMA, CPA — Group Chief Executive Officer Mr. LeVere Catlyn, CPA—CGA, CA, CCUE — Group Financial Controller Mr. Richard Kennedy, B Sc — Chief Operations Officer Ms. Natalie Holder, LLB, LEC — General Counsel Mr. Eric Small, BSc , CIA, CFE — Internal Auditor Mr. Irwin Gibson, BEng, MSc , MBA — Manager, Management Information Systems Mr. Philip Babb — Member Relations Manager - Loans Ms. Wanda Massiah, BSc , MSc , CAMS — Compliance Manager Mrs. LaVerne Derrick-Watson, LLB, BSc , MSc — Risk Manager Mrs. Harriet Franklin, BSc — Member Relations Manager - Savings Mrs. Sadie Austin — Manager, Card & E-Services Operations SUPERVISORY & MIDDLE MANAGEMENT Mr. Allan Clarke, Dip Credit Union Management — Senior Audit Assistant Mrs. Andrea Marshall, Dip Credit Union Management — Senior Financial Services Representative Ms. Dawn Blades — Contact Centre Team Leader Mrs. Dawn Greaves, APOM, CCST, BSc EMBA — Service Quality Leader Miss Dale Edwards, BSc , MBA — Supervisor, Settlement & Member Services Mrs. Elizabeth King, Dip Credit Union Management, CCUE — Branch Operations Officer Mr. Elridge Bend, AICB, Dip Credit Union Management — Branch Operations Officer Mrs. Gleneth Clarke, AICB — Senior Financial Services Representative Miss Janet Goring, Assoc Deg, AAS, CCUM, MCP — Dbase Admin/Bus Sys Analyst Mr. Jefferson Murray, Dip Banking & Finance, CPAML — Compliance Officer Mrs. Kim Bradshaw, Cert IT, MCP, Assoc Degree Bus Studies, MSc IT Security Management — Systems Administrator, MIS Mrs. Margaret Everatt, BSc Mgmt , CCUE — Payroll Coordinator Miss Marian Niles — Senior Financial Services Representative Mr. Mark Bailey — Network Engineer Mr. Valence Henry — Network Administrator Mrs. Michelle Ashby, Dip Credit Union Management, AICB, BSc — Branch Operations Officer Mrs. Nadia Richards, Cert HR — Senior Financial Services Representative Miss. Natasha Holder, BA , Cert Supervisory Management — Assistant Senior Financial Services Representative Mr. Neil Lucas, BSc , MSc — Network Administrator Ms. Patricia Archer, Pg Dip Learning and Development, Chartered, CIPD, CTMP — Human Resources Development Officer Ms. Rene Rudder, Dip Service Excellence, Assoc Deg , BSc , IAP, ICC — Senior Audit Assistant Mr. Rommel Aimey, BSc — Senior Financial Services Representative Ms. Shirley George — Senior Financial Services Representative Mrs. Susan Byer, BSc (Hons), LLB, CCUE, LPC/LLM — Securities Officer Ms. Susan Coppin, APS, ACS, Dip Mgmt — Executive Secretary Miss Suzette Grimes — Assistant Accountant Mrs. Petula Wiggins, AICB — Senior Financial Services Representative Miss Vette Forde — Senior Financial Services Representative Miss Wilma Massiah, Dip Credit Union Management, AICB — Senior Financial Services Representative Mr. Jamar McCaskie, BSc , MSc — Risk Officer Mr. Jason Springer, CFSA, CRMA, BA In Business & Enterprise — Risk Officer Miss Tracia Sargeant, Dip Banking & Finance — Branch Operations Officer Mrs. Tricia Archer, BSc , Cert Financial Reporting Specialist — Financial Analyst Ms. Shantelle Linton, Cert Supervisory Management — Senior Financial Services Representative Mr. Charles Walton, CISA, CISM, CDPSE — Information Technology Business Analyst Mrs. Mariette Simmons— Browne, BSc (Hons), CISA, CRISC, IAP, CIA — Information Technology Audit Leader Mrs. Keisha Payne, BSc — Assistant Accountant Ms. Lezanne Waithe, BSc , Cert FRM, Cert Audit, CFCS, CAMS — Compliance Officer Mr. Glenn Belgrave — Senior Financial Services Representative Ms. Crystal Scantlebury — Supervisor, Chargeback & Fraud Mr. Barry Arthur — Facilities Officer Ms. Kameisha Jessamy — Senior Audit Assistant GCEO’s Office Mrs. Kerry Ann Kirton, Cert ICSA, CPS, ACS, Dip Management — Executive Secretary to CEO (ag ) Ms. Rosario Maynard, Associate Deg , ACS, APS — Secretary Mrs. Juann Lovell — Secretary Mr. Peter Broomes — Driver/Messenger ACCOUNTS & FINANCE DEPARTMENT Mr. Andrew Gibson, Assoc Deg — Accounts Assistant Mrs. Angela Headley — Accounts Assistant Mrs. Chandra Price — Accounts Assistant Mrs. Sandra Waterman, APS, ACS, Dip Management, BSc Labour & Employment Relations — Secretary Ms. Tilia King — Accounts Assistant Ms. Shanielle Nurse — Accounts Assistant Mr. Andre Patrick — Accounts Assistant Mr. Alexander Barrow, BSc Accounting — Accounts Assistant Ms. Leisl Reid, BSc Human Resources — Accounts Assistant Ms. Andresha Nicholls — Accounts Assistant OPERATIONS Mrs. Kelly Jones — Accounts Assistant Miss Rosie Bishop, Dip IT, ACSC — Accounts Assistant Mrs. Shontelle Brooks, CAT — Accounts Assistant Ms. Georgia Boxill, BSc Accounts— Accounts Assistant Ms. Sheneyah Forde — Accounts Assistant CARD & E-SERVICES Mrs. Shelly Ann Morris-Brathwaite, CAT — Settlement Officer Miss Lavern Durante — Settlement Officer Ms. Jalisa Small — Card Services Member Services Officer Ms. Alisa Collymore — Card Services Member Services Officer Mr. Shane Gittens — Accounts Assistant Ms. Sherlene Headley — Chargeback & Fraud Officer Miss. Dale Edwards — Supervisor Settlement & Member Services MORTGAGES & CONSUMER LOANS Mrs. Arlene Seale, Cert Supervisory Management — Financial Services Representative Mrs. Cecile O’Neale— Dorne, FICB, CCUM, CCUFC — Financial Services Representative Mr. Evans Kirton — Financial Services Representative Ms. Gena Lamontagne — Financial Services Representative Mrs. Jalisa Jordan, BABM, Cert Facilities Management — Financial Services Representative Miss Katrina Worrell, Assoc Deg , BSc — Senior Operations Supervisor Miss Karen Giles, APS, ACS — Branch Secretary Mrs. Lana Antrobus — Financial Services Representative Mrs. Lisa Goodridge, BSc Labour & Employment Relations — Financial Services Representative Miss Natalie Nicholls — Financial Services Representative Mr. Nicholas Alleyne, Cert Project Management — Financial Services Representative Mrs. Sheena Bowen, BSc — Financial Services Representative Miss Tricia Morris, BSc , Cert Mktg, Advt & PR — Financial Services Representative Ms. Cherie— Ann Forde, BSc — Financial Services Representative Mr. Kent Alleyne, Cert Supervisory Management— Financial Services Representative Miss Renee Gibbons, Cert Supervisory Management — Financial Services Representative Mrs. Nicole Gibson, Cert General & Supervisory Management, Dip Financial Mgmt , BDMS in Financial Mgmt, CBCA — Financial Services Representative Mr. Christopher Bostic — Financial Services Representative Ms. Crystal Storey, BSc — Financial Services Representative Ms. Leigh- Ann Norville, BSc , Cert Supervisory Management — Financial Services Representative Mr. Che Kippins-Niles — Financial Services Representative Mr. Rommell Downes — Financial Services Representative Ms. Michelle Freeman, Assoc Deg — Administrative Assistant HUMAN RESOURCES Mrs. Nikisha Francis, BSc , MSc , SHRM — SCP - Human Resources Associate Miss Kaylone Browne, Cert HRM — Human Resources Assistant Mrs. Giselle Saunders, BSc, MSc , SHRM— CP - Human Resources Coordinator Mr. Adam Sayer — Human Resources Clerk REGISTRY Mr. Ryan Inniss — Registry Clerk Mr. Wayne Scott — Registry Clerk Mr. Tre Brathwaite — Registry Clerk ESTATE DEPARTMENT Ms. Karen Browne — Administrative Assistant Mr. Andrew Estwick — Driver/Handyman Mr. Rodney Edwards — Driver/ Handyman Ms. Jalisa Thomas — Estate Assistant INTERNAL AUDIT DEPARTMENT Mrs. Stacy Gulstone, BSc — Audit Assistant Mr. Dario Babb, BSc — Audit Assistant Mr. Dario Nicholls, BSc Finance — Audit Assistant Mr. Kumar Hinds — Financial Services Representative SERVICE QUALITY DEPARTMENT Mrs. Carol Toppin, BSc , Cert PM, MSc — Service Quality Coordinator Mrs. Tanisha Moore — Service Quality Coordinator CLAIMS & RECOVERIES DEPARTMENT Mr. Maxwell Benn, Associate Deg — Claims & Recoveries Coordinator Miss Dasley Clarke — Claims & Recoveries Assistant LEGAL DEPARTMENT Mrs Alicia Constantine — Legal Clerk Miss Chaitali Soudatt, ASC, PALS — Legal Secretary - Securities Maintenance Mrs Cynthia Gittens, APOM, Cert Paralegal Studies - Legal Secretary
7 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 Miss Donna Scantlebury, CCUM, ACS, Cert Paralegal & Supervisory Management — Legal Assistant ll Miss Heather Lynch, Cert Paralegal Studies & Supervisory Management — Legal Assistant ll Mrs Joy-Ann Lewis, APOM, PSC, SSC — Legal Secretary Mrs. Shedell Odle-Gill, Cert Paralegal Studies — Legal Assistant l Ms. Latoya Miller — Legal Secretary Mrs. Annabelle Wilson, CPS, EDM — Legal Secretary MANAGEMENT INFORMATION SYSTEMS DEPARTMENT Miss Kerrie Young, BSc Computer Studies, CompTIA A+, Certificate — Supervisory Management - Systems Operator Miss Makeba King, Assoc Degree, Applied Science & Information Technology — Systems Operator Mr. Jeremy Estwick, Associate Deg , BSc — Computer Science - Systems Operator DISBURSEMENTS Mrs. Donalin Hazell — Financial Services Representative Mr. Johnathan Brewster — Financial Services Representative Ms. Kelly-Ann Scott — Financial Services Representative Miss Kharla Greaves — Financial Services Representative Miss Lisa Monchery — Financial Services Representative Mrs. Nicole Jean-Paul — Financial Services Representative Miss Pat Martindale — Financial Services Representative Mrs. Shonelle Harewood, BSc — Financial Services Representative Miss Susan Lovell — Financial Services Representative Miss Tricia Green — Financial Services Representative Ms. Shakira McCollin, Assoc Deg — Financial Services Representative Mr. Philip Norville — Financial Services Representative Ms. Shanice Clarke, BSc — Financial Services Representative Mr. Darien Birkett — Financial Services Representative Mr. Stefan Watson, BSc — Financial Services Representative Ms. Tila Jones — Financial Services Representative COMPLIANCE Ms. Shakeita Browne, BSc — Compliance Assistant Mr. Rosson Howard, BSc , Cert in Supervisory Management, Cert in Project Management, CFCS — Compliance Assistant Ms. Shari Bovell, BSc ,— Compliance Assistant CONTACT CENTRE Miss Andrea Prince, B A — Contact Centre Representative Miss Denise Johnson, ACSP — Contact Centre Representative Miss Donna Fitzpatrick, Associate Degree — Contact Centre Representative Mrs. Paula Morris — Contact Centre Representative Ms. Denise Callender, Associate Degree— Contact Centre Representative Ms. Kela Knight, Associate Degree — Contact Centre Representative Ms. Makiya Brathwaite — Financial Services Representative Mr. Kyle McCollin, Associate Degree — Contact Centre Representative MARKETING Ms. Nicole Hall, BSc (Hons) Marketing & Management — Marketing Assistant Ms. Kimberley Grimes, BSc (Hons), MA Strategic Marketing — Marketing Assistant Mrs. Stacy Mottley, BSc Labour & Employment Relations, Dip HR Management, CIPR UK Prof PR Diploma — Marketing Assistant Mrs. Cheryl Straker, BSc (Hons), MSc Human Resources — Administrative Assistant Ms. Khadija Millar, — Marketing Assistant LOANS RECOVERY Miss Amanda Lynch, BSc , Dip Banking & Finance — Financial Services Representative Mr. Andre Daniel, Cert Supervisory Management, BSc , MBA — Financial Services Representative Mr. Hugh Victor-Browne, Cert Supervisory Management, Cert Maintenance Management — Financial Services Representative Ms. Kerisa Clarke, BSc — Financial Services Representative Miss Tanesha Straughn, PSD — Financial Services Representative Mrs. Wendy Dodson — Financial Services Representative Mr. Kareem Bowen — Financial Services Representative Ms. Erin Alleyne, BSc — Loans Recovery Associate Mrs. Jacqueline Yarde-Scott — Loans Recovery Associate Ms. Donelle Daniel — Loans Recovery Associate RISK Miss Saadia Griffith, BSc , Dip CMA — Risk Assistant Miss Latrisha Thorington, BSc — Risk Assistant SAVINGS MOBILISATION & MEMBER SERVICES Ms. Barbara Haynes — Financial Services Representative Mrs. Chantelle Brewster BSc — Financial Services Representative Mr. Damion Husbands-Johnson, Assoc Deg — Financial Services Representative Mr. Dario Bowen — Financial Services Representative Ms. Denissia Thorpe — Financial Services Representative Ms. Kiendra Leonce, BSc — Financial Services Representative Ms. Kimberley Vaughan — Financial Services Representative Mr. Mario Small — Financial Services Representative Ms. Nadley McFarlane, Assoc Deg — Financial Services Representative Ms. Nicole Jones, BSc — Financial Services Representative Ms. Nikki Clarke, B A , Cert in Supervisory Management— Financial Services Associate Mr. Rafael Hinds — Financial Services Representative Ms. Sade Mayers — Financial Services Representative Mr. Shane Jones — Financial Services Representative Mr. Shane Reece — Financial Services Representative Ms. Tila Jones — Financial Services Representative Ms. Zhane Taylor — Financial Services Representative Mr. Kadeine James— Financial Services Representative Mr. Kurt Cummins — Financial Services Representative Mr. Fabian Callender — Financial Services Representative Ms. Claire Callender — Financial Services Representative Ms. Shakira Bryan — Financial Services Representative Ms. Ancilla Brathwaite — Financial Services Representative Ms. Jheri Blackman — Financial Services Representative Mr. Nicholai Nowell — Financial Services Representative Ms. Imani Alkins — Financial Services Representative Mr. Alan Ashby — Financial Services Representative Ms. Shakeem Belle, BSc — Financial Services Representative Ms. Cedrina Bishop — Financial Services Representative Ms. Vanessa Bobb, BSc — Financial Services Representative Ms. Makeida Bowen — Financial Services Representative Ms. Leann Brewster — Financial Services Representative Ms. Tiara Desce — Financial Services Representative Ms. Patricia Holder — Financial Services Representative Ms. Josee Joseph — Financial Services Representative Mr. Richard Lynch — Financial Services Representative Ms. Rosheena Redman — Financial Services Representative Ms. Esther Sealy — Financial Services Representative Ms. Michaela Daniel, BSc Sociology with Criminology — Financial Services Representative Ms. Kendra Wilkinson — Financial Services Representative Mr. Shakiel Williams — Financial Services Representative Ms. Kiana Clarke — Financial Services Representative Mr. Kevin Carter — Financial Services Representative Mr. Courtney Gibson — Financial Services Representative Ms. Kerry Rouse — Secretary Mr. Ariko Small — Financial Services Representative Ms. Keisha Linton — Financial Services Representative Mr. Naeem Johnson — Financial Services Representative Ms. Kanesha Kellman — Financial Services Representative Ms. Tajah Ifill-Scott — Financial Services Representative Ms. Camerah Ifill — Financial Services Representative Ms. Dana Hinds — Financial Services Representative Ms. Jazmine Grosvenor — Financial Services Representative Mr. Rishon Gaskin — Financial Services Representative Ms. Donisha Francis — Financial Services Representative Ms. Kazia Clarke — Financial Services Representative Ms. Gerianne Bullard, Diploma HRM — Financial Services Representative Ms. Iman Calderon — Collymore Financial Services Representative Ms. Shakira Barrow — Financial Services Representative Ms. Charlene Reid, BSc , Assoc Deg — Financial Services Representative Ms. Janell Branch, Cert Supervisory, Personnel Management & Accounts and Finance — Financial Services Representative Miss Larissa Latchman — Receptionist/Hostess Ms. Kasha Grimes — Administrative Receptionist Ms. Tamara Forde — Financial Services Representative Ms. Sandra Briggs — Financial Services Representative Miss Janell Reece — Administrative Receptionist Mr. Shaquan Williams — Financial Services representative Ms. Makeda Bowen — Financial Services Representative Ms. Tamar Phillips — Financial Services Representative Ms. Jodi Corbin — Financial Services Representative Miss Tiyan Gomes — Financial Services Representative Ms. Eugene Archer — Financial Services Representative Ms. Moesha Best — Financial Services Representative Ms. Beverley Blake — Financial Services Representative Mr. Sean Carter — Financial Services Representative Ms. Toshelle Griffith — Financial Services Representative Mr. Dentonio Harris — Financial Services Representative Mr. Kenny Holder — Financial Services Representative Mr. Shakir Kirton — Financial Services Representative Ms. Breanne Nanton — Financial Services Representative Ms. Shania Phillips — Financial Services Representative Ms. Cherise Prescod — Financial Services Representative Ms. Jalisea Roach — Financial Services Representative Ms. Rachel Seale — Administrative Receptionist Ms. Rashida Springer — Financial Services Representative Ms. Carla Howell — Clerk Ms. Tia Alleyne — Clerk Ms. Keiasha Browne — Clerk Ms. Aleah Monrose — Clerk Ms. Hajeyah Nash — Clerk Ms. Shonta Rock — Clerk Ms. Krista Seale — Clerk Mr. Delano Small — Clerk
8 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 Financial Highlights Financial Highlights - Five Year Review In Bds $’000 2022 2021 2020 2019 2018 Statement of financial position: Assets Cash and equivalents 376,390 350,989 261,089 197,824 95,296 Investments 69,958 62,840 55,075 57,098 68,578 Loans to Members (net) 1,114,980 1,054,665 1,046,080 997,535 958,067 Property and Equipment 51,377 52,507 53,772 54,725 55,837 Other Assets 60,493 56,176 56,696 45,135 45,865 Total Assets 1,673,198 1,577,177 1,472,712 1,352,317 1,223,643 Liabilities and Owner’s Equity Liabilities Deposits 1,453,146 1,374,306 1,279,598 1,175,004 1,055,847 Other 35,658 29,705 24,150 23,077 19,847 1,488,804 1,404,011 1,303,748 1,198,081 1,075,694 Equity Share Capital 12,901 12,357 12,008 11,401 10,706 General& Other Reserves 166,742 156,436 148,952 138,632 126,048 Retained earnings 4,751 4,373 8,004 4,203 11,195 184,394 173,166 168,964 154,236 147,949 Total Liabilities and Owner’s Equity 1,673,198 1,577,177 1,472,712 1,352,317 1,223,643 Statement of income: Interest Income 86,601 83,591 89,897 89,383 86,589 Interest Expense 22,139 23,177 23,547 26,140 25,151 Net Interest Income 64,462 60,414 66,350 63,243 61,438 Other income 4,580 3,721 4,512 3,772 4,317 Net income and other income 69,042 64,135 70,862 67,015 65,755 Impairment expense 6,498 9,247 6,123 5,078 6,535 Net operating income 62,544 54,888 64,739 61,937 59,220 Total operating expenses 52,277 46,869 47,647 46,340 42,623 Net income before extra-ordinary items 10,267 8,019 17,092 15,597 16,597 Derecognition of Government Securities 3,635 - Tax of Assets - - - - - Net income after extra-ordinary items 10,267 8,019 17,092 11,962 16,597
9 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 2022 2021 2020 2019 2018 Financial statistics in percent: Asset Growth 6.09 7.09 8.90 10.52 10.08 Loan Growth 5.72 0.82 4.87 4.12 6.40 Deposit Growth 5.74 7.40 8.90 11.29 10.43 Net Surplus Growth 28.03 -53.08 42.89 -27.93 3.62 Return on Assets 0.63 0.53 1.21 0.93 1.42 Return on Equity 5.74 4.69 10.58 7.92 11.78 Operating Efficiency 83.58 85.39 73.60 74.82 71.97 Net Interest Margin 3.97 3.96 4.70 4.91 5.26 2022 2021 2020 2019 2018 Other statistics Delinquency ratio (%) 13.5 13.5 9.9 8.6 7.4 # of members 107.5 103.0 100.1 95.0 89.2 # of branches 6 6 6 6 5 2022 2021 2020 2019 2018 Net income per member $95.50 $77.85 $170.75 $125.92 $186.07 Financial Highlights Financial Highlights - Five Year Review In Bds $’000 Principal Bankers Republic Bank (Barbados) Ltd. Auditors PricewaterhouseCoopers SRL Barbados
10 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 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) Economic Performance 2021 According to the January 2022 press release from the Central Bank of Barbados (CBB), Barbados’ economic resilience to extreme shocks was tested for the second consecutive year by the Covid-19 pandemic. While industrialized economies had rebounded significantly from the initial 2020 shocks of the pandemic, emerging variants caused disruptions to the global supply chain and resulted in dampening domestic economic activity and higher inflation. Consequently, the CBB estimated that the local economy registered mild growth in 2021 as new waves of the virus slowed the recovery of the tourism sector and kept economic output well below pre-covid levels. The country experienced improved labour demands which led to a reduction in layoffs after a “National Pause” during the first quarter of the fiscal. Higher incomes and increased spending boosted revenue but the Government had to maintain the expansionary policy adopted in 2020-2021. Additionally, Covid 19, together with two unanticipated climate events, Hurricane Elsa and the Ashfall from the La Soufriere volcano in St. Vincent, required additional spending by the Government to strengthen health care, protect households and facilitate rebuilding initiatives. Faced with weakened foreign exchange earnings from tourism and significantly increased import expenditure, government financing was buttressed This MD&A provides a discussion and analysis of the financial position and performance of the Barbados Public Workers’ Co-operative Credit Union Limited (BPWCCUL) for the financial year ended March 31, 2022 with comparisons to the financial year ended March 31, 2021. The Management Discussion and Analysis (MD&A) should be read in conjunction with the audited financial statements, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”). by the support of multilateral financial institutions, including the International Monetary Fund (IMF); consequently, reserves were sustained at historic levels. Economic Activity Economic activity registered an upturn from the sharp decline in previous years for the final three quarters of 2021. Preliminary data also suggests that the fourth-quarter recovery of 11.5 percent raised economic activity for 2021 by 1.4 percent. Tourism The revival of this industry strengthened during the last quarter of 2021 as long-stay tourist arrivals in December peaked since pre-covid levels, reaching 47 percent of the corresponding pre-pandemic level of 2019. As global travel restrictions relaxed and phased reductions in health protocols continued, pent-up demand increased international travel. That notwithstanding, the steep fall in economic activity in the first quarter of 2021 outweighed the gradually improving performance over the last three quarters of 2021 and consequently overall arrivals for the year were only 20 percent of 2019 levels. Increases in airlift from new non-regional markets have supported Barbados’ recovering demand as a destination over the last three quarters. The gradual rise in arrivals though uneven, coupled with improved occupancy and room rates, particularly in the higher end of the market, raised overall revenue. Hoteliers also increased the availability of room stock, inclusive of the introduction of new plants. 3 Economic Activity Economic activity registered an upturn from the sharp decline in previous years for the third consecutive quarter of 2021. Preliminary data also suggests that the fourth-quarter recovery of 11.5 percent raised economic activity for 2021 by 1.4 percent. Tourism The revival of this industry strengthened during the last quarter of 2021 as long-stay tourist arrivals in December peaked to pre-covid levels reaching 47 percent of the corresponding pre-pandemic level of 2019. As global travel restrictions relaxed and phased reductions in health protocols continued, pent-up demand increased international travel. Notwithstanding, the steep fall in economic activity in the first quarter of 2021 outweighed t gradually improving performance over the last three quart rs of 2021. Consequently, overall arrivals for the year were only 20 percent of 2019 levels. Increases in airlift from new non-regional markets have supported Barbados' recovering demand as a destination over the last three quarters. The gradual rise in arrivals though COVID-19 Barbados Cases Sources: John Hopkins University
11 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 Labour Market The labour market remains soft; however, evidence showed improvement towards the latter half of the year. At the end of the third quarter, the unemployment rate was 12.4 percent, down from 17.6 percent a year earlier. The Barbados Statistical Services estimated that over 13,000 persons gained employment for the 12 months ending September 2021. Labour force participation moved from 58.9 percent to 62.3 percent a year later and while the improvement in labour force participation was relatively even across genders, gender disparities within the labour force persists with male participation standing at 66.6 percent while female participation was standing at 58.4 percent. Hotel and tourism-related services, when combined, accounted for approximately 30 percent of employment claims in 2020. The government introduced its BEST programme to support businesses’ cash flow and incentivise firms to retain and retrain employees in affected sectors. Under the programme, returning employees are guaranteed 80 percent of their regular wage. This programme contributed to the retention of workers within the tourism sector, with hotels accounting for 76 percent of the financing provided under the program. Despite improvements in the labour market, full employment levels remained below that of 2019. Similarly, while total employment earnings increased by 7 percent, that too remained below the pre-Covid level. The improvement in employment level was primarily credited to persons earning below $1,000 per week or $4,000 per month. Financial Sector Developments The financial sector remained stable despite grappling with the challenges posed by the global pandemic. During the 2021 fiscal, banks and credit unions accumulated excess liquidity as the government enacted counter-cyclical spending to offset any negative fallout from the pandemic. The loan to deposit ratio within these institutions continued to fall, excess cash holdings of commercial banks also slowed, however extra cash holdings reached 26.7 percent of domestic- currency deposits compared to 22.8 percent a year earlier. Capitalisation within the banking system remained strong as their overall profitability strengthened. Overall credit declined, and interest rates on deposits and loans stayed at historically low levels; consequently, net interest income contributed less to profitability. The non-performing loans ratio stabilised, resulting in lower loan provisioning expenses and there was an increased reliance on fees and commission. 4 Labour Market The labour market remains soft; however, evidence showed improvement towards the latter half of the year. At the end of the third quarter, the unemployment rate was 12.4 percent, down from 17.6 percent a year earlier. The Barbados Statistical Services estimated that over 13,000 persons gained employment for the 12 months ending Sept m er 2021. L bour forc participation moved from 58.9 percent to 62.3 percent a year later and while the i provement in labour force participatio was elatively even across genders, gender disparities within the labour force persists with male participation standing at 66.6 percent while female participation was standing at 58.4 percent. Hotel and tourism-related services, when combined, accounted for approximately 30 percent of employment claims in 2020. The government introduced its BEST programme to support businesses' cash flow and incentivise firms to retain and retrain employees in affected sectors. Under the programme, returning employees are guaranteed 80 percent of their regular wage. This programme contributed to the retention of workers within the Quarterly GDP Growth ncy and room rates, particularly in the higher end Hoteliers also increased the availability of room w plants. ver, evidence showed improvement towards the e third quarter, the unemployment rate was 12.4 year earlier. The Barbados Statistical Services ained employment for th 12 months ending tion moved from 58.9 percent to 62.3 percent a n labour force participation was relatively even the labour force ersists with male participation ticipation was standing at 58.4 percent. Monthly Unemployment Claims Received Sources: Central Bank of Barbados and National Insurance Scheme 5 Despite improvements in the labour market, conditions in full employment levels remained below that of 2019. Similarly, while total employment earnings increased by 7 percent, they remained below the pre-Covid level. The improvement in level was primarily credited to persons earning below $1,000 per week or $4,000 per month. Financial Sector Developments The financial sector remained stable despite grappling with the challenges posed by the global pandemic. During the 2021 fiscal, banks and credit unions accumulated excess liquidity while the government enacted counter-cyclical spending to offset any negative fallout from the pandemic. The loan to deposit atio within these institutio s continued to fall, xcess cash h lding of commercial banks also slowed, with extra cash holdings reaching 26.7 percent of domestic- currency deposits c mpa ed t 22.8 percent a y ar earl er. Excess Cash Ratio, Loan Deposit Ratios for Banks and Credit Unions Sources: Central Bank of Barbados Capitalisation within the banking system remained s strengthened. Overall credit declined, and interest rat historically low levels; consequently, net interest inco The non-performing loans ratio stabilised, resulting in However, there was an increased reliance on fees and c Credit to non-financial private sector deposit-taking Non-Performing Loans Sources: Central Bank of Barbados Capitalisation within the banking system remained strong as th strengthe ed. Overall credit declined, and interest rates on depo historically low l vels; co sequently, net interest incom contribu The non-performing loans ratio stabilised, resulting in lower loan However, ther was an increas d r liance on fees and commission Credit to non-financial private sector deposit-taking institution marginally faster rate than recorded in 2020. Overall lending
12 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 Credit to non-financial private sector deposit-taking institutions fell by 1.7 percent, a marginally faster rate than recorded in 2020. Overall lending by commercial banks decreased while other financial institutions increased modestly. Commercial bank lending declined in personal loans for mortgages and credit cards, with total credit card debt declining by 13.9 percent compared to a decline of 9.8 percent for the same period in 2020. However, credit extended to business increased, particularly for utilities. A small number of loans remained under moratoria at year-end, principally in the real estate and the tourism sectors as financial institutions utilised restructuring and clients resumed payment towards loans previously under moratoria. Domestic deposits grew by 2.5 percent compared to 7.8 percent in the previous year. Household savings grew by 4.1 percent, while corporate deposits grew by 3.2 percent. Foreign currency deposits also increased and accounted for 6.4 percent of total deposits. Economic Outlook The IMF has raised its most recent global forecast for economic growth for 2022 to 4.4 percent. Barbados’ economic outlook for 2022 will be heavily influenced by its continued vulnerability to external shocks and the strength of the Barbados economic recovery, which is heavily dependent on the tourism sector, will depend on the ability of countries across the globe to control and contain the spread of the pandemic. While the situation has not yet stabilised, the outlook for the tourism sector looks more favourable now than it did a year ago, with the increased availability of vaccines and the opening of economies to international travel and business activity. However, the variability of potential re-emerging strains of the Covid 19 virus and the possible re-imposition of travel restrictions is still of some risk to this significant sector. Given the more favorable global outlook, the Central Bank of Barbados (CBB) anticipates that the improvements in economic activity witnessed in the last nine months will flow over into fiscal 2022, driven mainly by the revival of the tourism sector. All indicators point to a strong, though partial economic recovery aided by the likely influx of visitors for the English cricket tours. Additionally, continued investments in tourism and the Government’s upgrades to infrastructure (road works and housing) and other small private sector investments are expected to boost the economy further. The recent disruption in the supply chain of goods could however result in elevated inflation relative to goods and services. Overview Inspired by our slogan, “This is where you belong,” and that of credit unions worldwide, “People helping people”, we continue to make a difference in the lives of our members and the communities within which we serve. During the financial year ended March 31, 2022, the Barbados Public Workers Co-operative Credit Union Limited membership grew by 4,531 or 4.4 percent to reach 107,506. Consequently, there were 344 new loans to first-time members totalling $6.3 million and new deposits generation of $14.5 million. Member-related expenditures granted through social outreach and educational funds increased above the prior year by $51 thousand and $55 thousand, respectively. The organization is ever mindful of the challenges its members face in these tough economic times and will continue to provide the necessary assistance to its members where applicable. 6 or deposit-taking institutions fell by 1.7 percent, a d in 2020. Overall lending by commercial banks utions increased modestly. Commercial bank lending gages and credit cards, with total credit card debt to a decline of 9.8 percent for the same period in siness increased, particularly for utilities. Interest on Deposits & Loans Sources: Central Bank of Barbados A small number of loans remained under moratoria at year-end, principally in the real estate and the tourism sectors as financial institutions utilised restructuring and clients resumed payment towards loans previously under m ratoria. Domestic d posits grew by 2.5 percent compared to 7.8 percent in the previous year. Hou ehold savi gs grew by 4.1 percent, while corporate deposits grew by 3.2 percent. Foreign currency also increased and accounted for 6.4 percent of total deposits. Credit Cards Credit Unions Sources: Central Bank of Barbados Management Discussion & Analysis (MD&A) (Continued)
13 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 Review of Financial Performance Total Income and Net Income Total income, comprised of interest and non-interest income, was reported at $91.2 million for the year ended March 31, 2022 compared to $87.3 million in the prior year; a 4.4 percentage increase. As a result of this increase, net income for the year was also positively impacted, ending at $10.3 million, up from $8.0 million in the prior year. Net Interest Income Net interest income, comprised of interest earnings on assets such as loans and securities, less interest expense paid on lease liabilities deposits and wholesale funding, increased by $4.0 million or 6.7 percent in 2022. The primary contributor to the change was an increase in non-interest earning non-accrual loans, coupled with decreased deposit costs which fell by $1.1 million or 4.7 percent. Interest income from loans and advances, together with that from cash resources increased by $2.7 million or 3.3 percent and $182.0 thousand or 28.5 percent respectively. Similarly, interest from financial investments increased by $141.5 thousand or 9.7 percent to reach $1.6 million. Other Income Other income increased by $858.5 thousand or 23.1 percent during the financial year to reach 4.6 million. Fee income increased by 388 thousand or 24.0 percent as the institution rolled out its new international debit card during the fiscal. The collection of income from charged-off loans increased by $357.1 thousand or 46.9 percent, while rental income increased by $127.3 thousand and legal income declined by $134.9 thousand. Efficiency and Expense Management Staff Costs & Support During the financial year, staff compensation and benefits increased by $1.0 million or 5.4 percent to end the year at $19.5 million. In line with the organization’s objective to reposition itself to better serve its members, the total staff complement increased from 279 at March 31, 2021, to 285 at March 31, 2022. Despite this year’s customer satisfaction score being down 0.6 points from last year’s score of 9.6, the organization once again achieved its internal benchmark by scoring 9 out of 10 or 90 percent. Total Operating Expenses Total operating expenses for the year were reported at $52.3 million representing an increase of $5.4 million or 11.5 percent compared to the prior year’s $46.9 million. This was spread across various lines of expenditure as evidenced by reductions in some critical expenses and increases in others. Year on year increases were recorded in Publicity and promotion of $1.2 million or 61.0 percent, Repairs and maintenance of $1.1 million or 28.2 percent, Legal and professional fees of $611.1 thousand or 28.5 percent, Janitorial services of $477.8 or 63.8 percent, Security services of $440.4 thousand or 32.0 percent, Utilities of $387.6 or 30.5 percent and Audit fees of $290.9 thousand or 89.5 percent. Compensating reductions in Office stationery and supplies of $461.0 thousand or 43.3 percent, Anniversary expenses of $442.0 thousand or 100 percent and Direct cost of services of $260.1 thousand or 24.2 percent reduced the overall variance. While routine maintenance of property, plant and equipment occurred during the fiscal, there were no significant upgrades which merited capitalization and hence depreciation expenses decreased by $95.4 thousand or 2.2 percent. Net Operating Income Net operating income increased by $7.7 million or 13.9 percent to end the year at $62.5 million (2021- $54.9 million). This was primarily attributed to an increase in interest income of $3.0 million or 3.6 percent, and a decrease in Expected Credit Losses (ECL) of 2.7 million or 29.7 percent over prior year. Assets Asset growth of $96.0 million was below prior year of $104.5 million by 8.5 million or 8.1 percent. Current year total assets exceeded the average total assets of the last five years by $213.4 million. Net loans and advances to members, inclusive of allocation for expected credit loss allowance of $39.8 million, were $1.115 billion compared to $1.055 billion inclusive of expected credit loss allowance of $33.1 million at the end of the 2021 financial 2018 2019 2020 2021 2022 Net Interest Income 2018 2019 2020 2021 2022 Membership 3 Net Interest Income
14 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 Table 1 2018 2019 2020 2021 2022 d s $958,067.00 $997,535.00 $1,046,080.00 $1,054,665.00 $1,114,980.00 $1,055,847.00 $1,175,004.00 $1,279,598.00 $1,374,306.00 $1,453,146.00 ets $1,223,643.00 $1,352,317.00 $1,472,712.00 $1,577,177.00 $1,673,198.00 est $61,438.00 $63,243.00 $66,350.00 $60,414.00 $64,462.00 hip $89,200.00 $95,000.00 $100,100.00 $103,000.00 $107,500.00 2018 2019 2020 2021 2022 LOANS AND ADVANCES 1 Loans and Advances (Net) year. This represented an increase of $60.3 million or 5.7 percent over prior year. Increases in mortgage loans were 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 declined for the second consecutive year with the decline recorded for the 2022 fiscal being 5.5 million compared to a 2021 decline of $27.9 million; 0.83 percent and 4.0 percent declines respectively. Business loans marginally increased above the prior year by $105.6 thousand (2021- ($359.2) thousand) or 2.3 percent (7.1 percent). Asset Quality Loans 90 days or more past due increased significantly during the 2021 fiscal, rising by 42.4 million or 40.6 percent. However, with the economy returning to some semblance of normalcy and unemployment levels on the decline this category of loan increased by 7.4 million or 5.0 percent to move from 147.0 million to 154.4 million as at March 31, 2022. Additionally, loans delinquent between 31 to 89 days decreased by $30.0 million or 51.5 percent to move from $58.4 million to $28.3 million, while loans less than 31 days past due increased by 90.5 million or 10.4 percent. Consequently, expected credit losses in relation to loans decreased by $2.7 million or 29.2 percent to move from 9.3 million in 2021 to 6.6 million at March 31, 2022. The delinquency rate for the fiscal was improved marginally, moving from a prior year 13.6 percent to 13.5 percent at March 31, 2022. Liabilities The organization currently maintains a higher than market rate on its core deposits to ensure its members receive a premium on their savings. This benefit to members is provided while maintaining a balance with remaining competitive and ensuring the continued financial strength and stability for which we are known; both of which were achieved. The Credit Union’s operations continued to be funded solely by membership deposits. Deposits at March 31, 2022 totaled approximately $1.5 billion representing growth of $78.8 million (2021 - $94.7 million) or 5.7 percent (2021 – 7.4 percent). During the fiscal period the average deposit cost decreased from 1.7 percent in 2021 to 1.6 percent in 2022. Other Liabilities and Reimbursable Shares Other liabilities increased by $6.0 million (2021 - $5.5 million) or 20.0 percent (2021-23.0 percent) to move from $29.7 million in 2021 to $35.7 million at March 31, 2022. Amounts due to member estates were the main contributor to growth in this area, having grown by $6.1 million (2021- 1.5 million) or 41.2 percent (2021- 11.1 percent). Given the rapid growth of this area, the organization is currently reviewing its processes to better service those members to whom these amounts are due. Equity Total equity, which comprises members’ share capital, retained earnings and statutory and other reserves, provides a safety buffer, ensures financial stability and allows for future growth and development once maintained at a significant enough level. As at March 31, 2022, total members’ equity stood at $184.4 million, up from $173.2 million as at March 31, 2021. The increase of $11.2 million was predominantly attributable to a positive net income contribution of $10.3 million, enhanced by growth in share capital of $543.7 thousand. The distributions to members during the year were approximately $2.6 million and comprised of a share dividend of $609.1 thousand and $2.0 million in interest rebate. 2018 2019 2020 2021 2022 Total Assets 2018 2019 2020 2021 2022 Deposits 2 Deposits 2018 2019 2020 2021 2022 Total Assets Deposits 2 Total Assets Management Discussion & Analysis (MD&A) (Continued)
15 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 Economic Outlook 2022-2023 Fiscal According to Trading Economics, global macro models and analysts expect Barbados’ GDP to reach $5.45 USD Billion by the end of 2022. Additionally, Barbados’ GDP is projected to trend around $5.72 USD Billion in 2023. The Central Bank of Barbados, in its July 2022 press release, indicated that “the domestic macro environment will continue to be affected by the global instability”. It added that surges in global prices have intensified growth challenges associated with the Covid-19 pandemic. It however noted that the strength of Barbados’ recovery remains dependent on the sustained revival of the tourist sector together with the accelerated implementation of investment projects. Noting that forward tourism bookings for the remainder of the fiscal were encouraging as travelers rescheduled previously postponed trips, the Central Bank’s release cited that the reopening of the Wyndham Sam Lords property is expected to be a boost to the tourism product. Global pricing pressures, the impact of monetary policy changes on advanced economies together with summer travel bottlenecks were however cited as events that could dampen travel demand. Given rising construction costs and new investment products coming on stream at a slower than anticipated pace, the CBB has lowered its growth forecast for the Barbados economy to a revised range of 9 to 10 percent. It noted this is likely to be higher if the rebound in tourism products is stronger than currently forecasted. Economic Recovery Rising costs may have a significant impact on firms and current disruption in the supply chain may also delay the construction of projects if costs keep rising. It is projected that interest cost on existing international debt will rise due to increasing rates, and as those international rates rise so too will Barbados’ interest cost which is anticipated to rise by 0.2 percent. The government, faced with the challenge of responding to spikes in inflation, has recently introduced a suite of measures to assist in reducing the cost of living. These include widening the basket of tax-exempt goods and reducing the cost of electricity and petroleum products like gasoline and diesel. Additionally, there is a private sector initiative to lower markups on selected consumer goods which are staples consumed by the poor and vulnerable. While the rise in import prices will negatively impact short-term reserves, the reserve buffer remains adequate to maintain the stability of the exchange rates. Additionally, as commodity and tourism prices return to a semblance of normalcy, medium-term reserves should remain adequate. The Way Forward From a macro-economic perspective, all indications are that we will continue to see continued economic growth and expansion, improved labour market conditions, an enhanced business climate and general optimism about the way forward. With such positive prospects ahead, it is imperative that we are well positioned and prepared to take advantage of opportunities that will arise. The Covid-19 pandemic, as unexpected and derailing as it was, also brought positive benefits and lessons which will stay with us as we continue to build out and transform to do just that. Our takeaways from a Covid environment included a critical assessment of how and what we needed to improve to remain relevant in this changed environment where member expectations around quality of service, member satisfaction and overall total experience have transitioned significantly away from what was acceptable in a pre-Covid environment. There is now a greater call for immediacy in delivery of service coupled with enhanced demands for demonstrations of greater operational efficiency and being more in tune with the voice of the member; demonstrated by a deeper understanding of needs and expectations. We acknowledge the transitions that have to be done to not only remain relevant in the sector, but also to remain your financial services provider of choice and are currently undergoing key changes as part of our commitment to deliver on both of those. We accept the need to embrace the adoption and use of efficient and effective technologies and digital platforms to deliver services to you in the manner that suits you best. We also acknowledge that this has to be coupled with greater intimacy delivered by passionate, enthused and committed staff. It is with these objectives in mind that we will continue to focus on completing our corporate redesign initiative to ensure our human resources and corporate structures are fit for the future, and aligned to deliver on your expectations. Similarly, we will continue to review our existing technology infrastructure and future technology investments to ensure we have the necessary systems, tools, products and services to deliver in the way that guarantees your expectations can be exceeded. The way forward will be a journey of change and continuous improvement, and it will require a partnered approach. Your continued support and your constructive feedback will be necessary as we work through the various transformation initiatives to not only remain the acknowledged best of class, but also to truly demonstrate that this is where you belong.
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