14 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED The increase in membership contributed to the Credit Union’s deposits growing by $47.8 million (2022 - $78.8 million) or 3.3 percent (2022 - 5.7 percent). New membership accounted for $16.0 million or 33.5 percent of deposit growth during the fiscal. At March 31, 2023 approved loan commitments and pending disbursements cumulatively totaled $78.9 million (2022 -$97.4 million) decreasing from prior year by $18.5 million or 19.3 percent. During fiscal 2023, Credit Union net loans grew moderately by $31.4 million (2022-$60.3 million) or 2.8 percent (2022 - 5.7 percent). Increases in mortgage loans was the primary driver of loan growth, with net mortgages growing by $45.8 million (2022 - $66.6 million) or 10.3 (2022 - 17.7) percent. Consumer loans growth declined for the third consecutive year; the decline for 2023 fiscal was $13.9 million (2022 - $5.5 million) or 2.1 (2022 - 0.83) percent. Additionally, business loans decreased below the prior year by $1.1 million (2022 - $105.6 thousand increase) or 22.2 (2022 - 7.1) percent. The Credit Union’s growth in other key areas of its balance sheet was as follows: - Overall cash resources ended at $435.7 million (2022 - $420.0 million) representing growth of $15.7 million or 3.7 (2022 - 8.3) percent. - Total assets grew by $50.5 million (2022 - $96.0 million) or 3.0 (2022 - 6.1) percent. 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-third year as a Credit Union and thirteenth (13th) 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, 2023, 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 2023, the Credit Union’s team of dedicated professionals assisted members by helping them identify appropriate financial solutions to meet their needs. Amid challenging economic conditions, the Barbados Public Workers’ Co-operative Credit Union Limited’s membership grew by 3,612 or 3.3 percent to reach 111,118 during the financial year that ended March 31, 2023. With our success anchored to providing supreme member experience, staff continued to focus their efforts on transforming the member experience to make the Credit Union the financial services provider of choice as evidenced by the 92.0 percent service rating on the annual customer satisfaction survey. This section of the Barbados Public Workers’ Co-operative Credit Union Limited’s Consolidated Annual Report provides a discussion and analysis of the financial position and performance of the consolidated operations of the Barbados Public Workers’ Cooperative Credit Union Limited and its subsidiaries (“the Group”) for the financial year ended March 31, 2023. 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’ Cooperative Credit Union Limited and its subsidiary Allied Cooperators 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”). Management Discussion & Analysis (MD&A)
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