121 CONSOLIDATED FINANCIAL STATEMENTS 2024 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2024 (expressed in Barbados dollars) 81 25 Financial Risk Management …continued 25.2 Credit risk …continued 2023 Stage 1 $ Stage 2 $ Stage 3 $ Total $ Gross carrying amount April 1, 2022 1,183,447,859 52,286,255 197,886,206 1,433,620,320 Stage 1 to stage 2 (41,724,795) 41,724,795 – – Stage 1 to stage 3 (21,111,310) – 21,111,310 – Stage 2 to stage 1 26,005,900 (26,005,900) – – Stage 2 to stage 3 – (14,700,262) 14,700,262 – Stage 3 to stage 1 16,887,883 – (16,887,883) – Stage 3 to stage 2 – 4,578,759 (4,578,759) – Net loans originated (paid) 34,005,155 876,035 (6,980,902) 27,900,288 Gross carrying amount April 1, 2023 1,197,510,692 58,759,682 205,250,234 1,461,520,608 The movement across ECL stages at March 31 were as follows: 2024 Stage 1 $ Stage 2 $ Stage 3 $ Total $ Expected credit loss allowance Beginning balance 2,265,518 1,956,984 43,822,068 48,044,570 Stage 1 to stage 2 (61,557) 61,557 – – Stage 1 to stage 3 (26,628) – 26,628 – Stage 2 to stage 1 855,909 (855,909) – – Stage 2 to stage 3 – (326,665) 326,665 – Stage 3 to stage 1 2,354,852 – (2,354,852) – Stage 3 to stage 2 – 608,137 (608,137) – Net ECL re-measurement (3,132,014) (981,275) 3,339,186 (774,103) Amount written off – – (2,726,976) (2,726,976) Ending balance 2,256,080 462,829 41,824,582 44,543,491
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