73 CONSOLIDATED FINANCIAL STATEMENTS 2023 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2023 (expressed in Barbados dollars) 41 12 Financial Investments …continued The expected credit loss allowance at March 31, 2023 relating to debt securities classified as stage 1 and POCI were $3,147 and $Nil (2022 - $6,387 and Nil) respectively. 13 Loans and Advances i) Loans and advances are comprised of the following: 2023 Consumer $ Business $ Mortgages $ Total $ Gross loans 749,221,158 32,563,194 679,736,256 1,461,520,608 Less: ECL allowance (37,642,901) (648,221) (9,753,448) (48,044,570) 711,578,257 31,914,973 669,982,808 1,413,476,038 Add: Interest receivable 11,864,661 1,425,340,699 2022 Consumer $ Business $ Mortgages $ Total $ Gross loans 777,566,359 25,769,738 630,284,223 1,433,620,320 Less: ECL allowance (39,881,096) (428,772) (4,744,213) (45,054,081) 737,685,263 25,340,966 625,540,010 1,388,566,239 Add: Interest receivable 10,256,130 1,398,822,369 The average yield on loans for the year was 7.36% (2022 - 7.43%).
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