103 SEPARATE FINANCIAL STATEMENTS 2024 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2024 (expressed in Barbados dollars) 69 23 Financial risk management …continued Credit risk …continued Credit quality by class of financial assets Loans and advances The credit quality of the loans and advances is managed through the prudent underwriting principles established by the Credit Union. Financial investments The Credit Union has principally invested in government bonds issued by the Government of Barbados which in the 2023 financial year was rated by Standard & Poor’s as B-. During the financial year ended March 31, 2024, these bonds remained rated B-. Cash resources The credit quality of financial institutions holding the Credit Union’s cash resources is assessed according to the level of their credit worthiness and by comparison to other financial institutions. The Credit Union places its cash resources with reputable financial institutions. The tables below show the credit quality analysis by class of financial assets. Credit Quality Analysis 2024 Stage 1 $ Stage 2 $ Stage 3 $ Total $ Loans and advances at amortised cost Current 816,726,350 – – 816,726,350 Overdue <30 days 145,864,693 – – 145,864,693 Overdue 31 days to 89 days – 27,027,187 – 27,027,187 Overdue over 90 days – – 172,581,702 172,581,702 Total gross loans 962,591,043 27,027,187 172,581,702 1,162,199,932
RkJQdWJsaXNoZXIy MTA2MDM=