63 SEPARATE FINANCIAL STATEMENTS 2023 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2023 (expressed in Barbados dollars) 35 11 Loans and advances (i) Loans and advances are comprised of the following: 2023 Consumer $ Business $ Mortgages $ Total $ Gross loans 678,442,712 4,271,815 496,505,048 1,179,219,575 Less: ECL allowance (32,718,637) (540,547) (7,451,060) (40,710,244) 645,724,075 3,731,268 489,053,988 1,138,509,331 Add: Interest receivable 7,881,966 1,146,391,297 2022 Consumer $ Business $ Mortgages $ Total $ Gross loans 695,911,979 4,971,950 446,555,966 1,147,439,895 Less: ECL allowance (36,278,799) (176,310) (3,321,506) (39,776,615) 659,633,180 4,795,640 443,234,460 1,107,663,280 Add: Interest receivable 7,316,307 1,114,979,587 The average yield on loans for the year was 7.60% (2022: 7.76%).
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