15 CONSOLIDATED FINANCIAL STATEMENTS 2024 - Overall cash resources ended at $448.5 million (2023 - $435.7 million) representing growth of $12.8 million (2023 - $15.7 million) or 2.9 percent (2023 – 3.7) percent. - Total assets grew by $37.6 million (2023 - $5.5 million) or 2.2 percent (2023 - 3 percent). Operational performance: - The Credit Union’s net surplus declined marginally below prior year by $581 thousand or 6.2 percent to finish at $8.8 million as at March 31, 2024. Total interest income was recorded at $87.1 million (2023 - $88.9 million) which was $1.8 million or 2.1 percent below that of the prior year. Interest expense was reported at $19.6 million (2023 - $21.2 million), which represented a $1.6 million or 7.5 percentage decline below that of the prior year. - Non-interest income increased by $796.7 thousand or 16.4 (2023 - 6.3) percent to end the year at $5.7 million (2023 - $4.9 million). Expected credit losses $2.7 (2023 - $4.8) $2.1 (2023- $1.7) million or 26.7 (2023 - 26.7) percent below that of the prior year, while loans on nonaccrual increased marginally from $162.6 million in 2023 to $172.6 million at March 31, 2024. - Total operating expenses reached $34 million (2023 - $31.5 million) at the end of the fiscal. Notable increases were reported in direct cost of services which grew by $1,963 thousand or 100.1 percent, audit fees increased by $248.6 thousand or 38 percent over the prior year, while maintenance to property and technology services increased by $393 thousand (2023 - 866.6 thousand) or 6.5 percent (2023 - 16.8 percent) over that of the prior year. Snapshot of CAPITA’s Performance CAPITA reported total assets of $335 million (2023- $326.4) million, representing an increase of $9.1 million or 2.8 percent when compared to the prior year. Profit before levies and taxation was reported at $1.8 (2023 - $1.9) million representing a decrease of $12 thousand or 0.7 percent when compared to the prior year. Total operating expenditure for the year was $15.1 (2023- 17.3) million representing an overall reduction of $2.2 million or 12.6 percent when compared to the prior year. The main contributor to the decrease in total operating expenditure was the significant decrease of $1.7 million or 83.7 percent noted in expected credited losses. This was due to improvements in the valuation of the underlying collateral on non-performing loans and the continued efforts of management to reduce overall delinquency and improve collection efforts within the entity. For the Card Services Division, the ATM Acquiring Project, which will enable the BPWCCUL’s ATMS to accept VISA and MasterCard branded cards, is in the testing phase with go-live scheduled for August 2024. The International VISA Debit Card Project in St. Lucia has progressed to the stage where Capita has been accepted by VISA as a Principal Member of the VISA netwok. Work is ongoing with the Credit Unions in St. Lucia for adoption and distribution of the debit cards. The expected launch date is September 2024. These new ventures will provide additional noninterest income streams while allowing members and customers across the Group access to a wider suite of financial products and services. Group Performance Summary: The Group’s net income before levies and taxes for the financial year-end, March 31, 2024, was recorded at $11.2 million as compared to $8.6 million in the prior year. One of the main contributing factors to this increase in net income is the significant decline in expected credit losses relative to loans. Expected credit losses relative to loans decreased from $6.8 million in 2023 to $3.0 million at March 31, 2024, representing a 56 percent decrease below the prior year. During the financial year ended March 31, 2024, the Group’s minimum deposit rate remained fixed at 0.5 percent ensuring that depositors receive a return above that for similar deposits in the market. Deposits Loans to members Deposits
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