9 SEPARATE FINANCIAL STATEMENTS 2023 4 decline by 0.9 percent mainly due to large withdrawals by eholds and public sector entities for foreign payments. sulted in the average interest rates remaining relatively oan rates of 5.5 percent and average savings rates of 0.15 4 4 • Local currency deposits decline by 0.9 percent mainly due to large withdrawals by private sector firms, households and public sector entities for foreign payments. • Lower deposit levels resulted in the average interest rates remaining relatively consistent, with average loan rates of 5.5 percent and average savings rates of 0.15 percent. 4 decline by 0.9 percent mainly due to large withdrawals by eholds and public sector entities for foreign payments. sulted in the average interest rates remaining relatively loan rates of 5.5 percent and average savings rates of 0.15 with average loan rates of 5.5 percent and average savings rates of 0.15 percent. • There was a noted slowdown in loan growth recorded within the financial sector, and outstanding credit balances to households declined due to a paydown in mortgages coupled with lower credit card balances. Barbados’ Economic Forecast It was reported in the latest World Economic Outlook (WEO, April 2023) that inflation is expected to stabilize over the remainder of the fiscal as improvements in international commodity prices and the oil market filter into the Barbadian market. It was reported in the latest World Economic Outlook (WEO, April 2023) that inflation is expected to stabilize over the remainder of the fiscal as improvements in international commodity prices and the oil market filter into the Barbadian market. This would, however, be dependent on the upward inflationary pressures from domestic demand for discretionary goods and services as the economy expands. The downside risks to the economic outlook reported in the publication were the possible slowdown of the global economy to fight high inflation without stifling global demand and the potential disruptions to the global supply chains and international trade arising out of any escalations to geo-political tensions on the projection for global economic growth. Credit Union Overview Coming into this reporting period ended March 31, 2023, we continued to adjust to the nuances of a post-COVID environment and the changes that accompanied it from a member and organisational perspective. Our focus throughout it all however continues to be on providing high-quality financial products and services while promoting financial well-being and providing our members with excellent service and support. During the period, membership grew by 3,612 or 4.3 percent to reach 111,118. Consequently, there was new deposit generation of $15.9 million and 212 new loans to first-time members totalling $3.2 million. Member-related expenditures granted through social outreach increased above the prior year by $16.6 thousand, however, demand for educational funds declined below the prior year by $65.7 thousand. Review of Financial Performance Total Income And Net Income Total income comprising of interest, non-interest income and the reversal of impairment on our investment in the BPW Financial Holdings Inc. (BPWFHI) subsidiary, was reported at $95.1 million for the year ended March 31, 2023, compared to $91.2 million in the prior year - a 4.3 percentage increase. As a result, net income for the year was reported at $9.4 million; a decline of $866 thousand compared to the prior year. mortgages coupled with lower credit card balances. Barbados’ Economic Forecast Barbados' economy is expected to rec rd gr wth ranging bet een 4 to 5 percent for Tourism and private sector investments will continue to be the k y drivers of grow economic expansion during the year. It was reported that inflation is ex e ted to stabiliz over the rem inder of the fis improvements in internation l commodity prices and the oil market filter in Barbadian market as reported in the latest World Economic Outlook (WEO, April This would, however, be dependent on the upward inflationary pressures from do demand for discretionary goods and services as the economy expands. The downside risks to the economic outlook reported in the publication were the po slowdown of the global ec nomy to fight high inflation without stifling global de and the potential disr ptions to the global supply chains a d international trade arisi of any escalations to geo-political tensions on the projection for global economic gro OVERVIEW Coming into this reporting p riod ended March 31, 2023, w continued to adjust nuances of a post-COVID environment and the chang s that accompanied it f member and organisational perspective. Our focus throughout it all however contin be on providing high-quality financi l products and s rvices while promoting fin Key Indicators Stock of NPLs NPL Ratios Sources: Central Bank of Barbados and Financial Services Commission Sources: Central Bank of Barbados Sources: Central Bank of Barbados Total Deposits Foreign-Currency Deposits
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