14 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED scholarship expenses rose by $51.7 thousand compared to the previous year; however, demand for social outreach fell by $112.7 thousand compared to the prior year. The increase in membership contributed to the Credit Union’s growth in deposits of $40.8 million (2024 - $23.9 million) or 2.7 percent (2024 - 1.6 percent). Consequently, deposit generation from new membership increased by $10.7 million and 177 new loans were issued totaling $3.5 million. At March 31, 2025 approved loan commitments approved and pending disbursements cumulatively totaled $62.8 million (2024 -$59.7 million) increasing from the prior year by $3 million or 5.1 percent. During the fiscal 2025, the Credit Union’s net loans fell by $3.8 million (2024 - $14.7 million increase) or 0.3 percent (2024 - 1.3 percent). Consumer loan declined by $25.4 million (2024 - $37 million) or 4.2 percent (2024 - 5.7 percent). Business loans also declined by $580.9 thousand (2024 - $552 thousand) or 18.3 percent (2024 - 14.8 percent). Demand for mortgage loans continue to increase with net mortgages growing by $20.8 million (2024 - $ 21.7 million) or 4.1 percent (2024 – 4.4) percent. 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. We remain committed to ensuring the Group achieves sustainable growth with short and long-term strategic objectives geared towards the optimization of resources, use of green and digital technologies, enhancement of member and community relations and robust financial management. As a Group, we continue our efforts to ensure we are well equipped to overcome the challenges, especially those apparent within the Cyber-space which add great risk to the financial service sector. As we enter our fifty-fifth year as a Credit Union and fifteenth (15th) as a Group, we acknowledge and applaud 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 financial year ended March 31, 2025, 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 2025, the Credit Union, led by a team of dedicated professionals provided members with tailored and appropriate financial solutions to meet their needs. During the period, membership increased by 3,476 or 3.1 percent to reach 117,257. Member-related expenditures through educational grants and 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, 2025 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 subsidiaries Allied Co-operators Inc and 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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