14 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED the 83 percent service rating received on the annual customer satisfaction survey. The increase in membership contributed to the Credit Union’s deposits growing by $23.9 million (2023 - $47.8 million) or 1.6 percent (2023 - 3.3 percent). Accordingly, there was new deposit generation of $401.3 thousand and 149 new loans to first-time members totaling $1.5 million. At March 31, 2024 approved loan commitments and pending disbursements cumulatively totaled $59.7 million (2023 -$78.9 million) decreasing from prior year by $19.2 million or 24.3 percent. During fiscal 2024, the Credit Union’s net loans fell by $14.7 million (2023- $31.4 million increase) or 1.3 percent (2023 – 1.3 percent). Consumer loan growth declined by $37 million (2023 - $13.9 million) or 5.7 percent (2023 - 2.1 percent). Business loans also declined by $552 thousand (2023 - $1.1 million) or 14.8 percent (2023 – 2.3 percent). Demand for mortgage loans continue to increase with net mortgages growing by $21.7 million (2023 - $45.8 million) or 4.4 percent (2023 - 10.3) percent. The Credit Union’s growth in other key areas of its balance sheet were as follows: Group Overview: We are a group of companies committed to enhancing the overall financial stability and development of our members and those in the wider community. Through enhanced technological advancement, sustainable growth, community engagement and collaboration and sectorial development the Group continues to experience positive transformation and growth. As we enter into our fifty-fourth year as a Credit Union and fourteenth (14th) as a Group, we acknowledge and laud the foresight and vision of our founding members, and the support of our existing members and customers without whom, this journey would not have been possible. Adoption of New Accounting Standards During the fiscal ended March 31, 2024, there were no newly adopted or implemented accounting standards which had a significant impact on the reporting or performance of the Group. Snapshot of Credit Union’s Performance: In 2024, the Credit Union’s team of dedicated professionals assisted members by helping them identify appropriate financial solutions to meet their needs. The Credit Union’s membership grew by 2,663 or 2.4 percent to reach 113,781 during the financial year that ended March 31, 2024. With our success anchored to providing supreme member experience, staff continued to focus their efforts on transforming the member experience to make the Credit Union the financial services provider of choice. This is evidenced by This section of the Barbados Public Workers’ Co-operative Credit Union Limited’s Consolidated Annual Report provides a discussion and analysis of the financial position and performance of the consolidated operations of the Barbados Public Workers’ Co-operative Credit Union Limited and its subsidiaries (“the Group”) for the financial year ended March 31, 2024 This MD&A should be read in conjunction with the audited consolidated financial statements, which have been prepared in accordance with IFRS Accounting Standards (IFRS) The Group includes the parent, Barbados Public Workers’ Co-operative Credit Union Limited and its subsidiary Allied Co-operators Inc , BPW Financial Holdings Inc , the holding company for the CAPITA Group that includes subsidiaries Capita Financial Services Inc (“CAPITA”) and Capita Insurance Brokers Limited (“CIB”) Management Discussion & Analysis (MD&A)
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