120 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2024 (expressed in Barbados dollars) 80 25 Financial Risk Management …continued 25.2 Credit risk …continued Write-off policy The Group writes off a loan or an investment debt security balance, and any related allowances for impairment losses, when it is determined that the loan or security is uncollectible. This determination is made after considering information such as the occurrence of significant changes in the borrower’s/issuer’s financial position such that the borrower/issuer can no longer pay the obligation, or that proceeds from collateral will not be sufficient to pay back the entire exposure. For smaller balance standardised loans, write-off decisions generally are based on a product-specific past due status. Commitments and guarantees To meet the financial needs of customers, the Group enters into various irrevocable commitments and contingent liabilities. Even though these obligations may not be recognised on the consolidated statement of financial position, they do contain credit risk and are therefore part of the overall risk of the Group. The movement across the loan portfolio as at March 31, 2024 are in the following staging categories: 2024 Stage 1 $ Stage 2 $ Stage 3 $ Total $ Gross carrying amount April 1, 2023 1,197,510,692 58,759,682 205,250,234 1,461,520,608 Stage 1 to stage 2 (33,542,667) 33,542,667 – – Stage 1 to stage 3 (15,946,787) – 15,946,787 – Stage 2 to stage 1 26,089,799 (26,089,799) – – Stage 2 to stage 3 – (9,480,279) 9,480,279 – Stage 3 to stage 1 12,343,941 – (12,343,941) – Stage 3 to stage 2 – 3,320,677 (3,320,677) – Net loans originated (paid) (6,894,970) (21,379,538) (9,862,100) (38,136,608) Amount written off – – 2,484,231 2,484,231 Gross carrying amount April 1, 2024 1,179,560,008 38,673,410 207,634,813 1,425,868,231
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