23 CONSOLIDATED FINANCIAL STATEMENTS 2025 Metric (‘000) Current Year Previous Year % Change Net Surplus 5,177 8,820 -41.3% Abnormal Items Redesign Costs 3,207 - - BIN attack fraud 1,294 - - Net Surplus adjusted for abnormal items 9,678 8,820 9 7% The Treasurer’s Report and the audited financial statements will provide more detailed narrative of our financial performance, measures and metrics. Subsidiary Performance Capita Financial Services Inc. (CFSI) During the reporting period, CFSI’s key focused priorities were centred around the development of its five-year strategy plan, the introduction of a new suite of deposit products that are key to providing diversification of its funding sources, and reviewing and exploring ways to reduce delinquency and recover the current stock of non-performing loans. Additionally, major emphasis was placed on the completion of a review of the company’s brand identity and the development of a more focused marketing strategy to target specific customer segments. While CFSI’s revenue and profitability positions continued to be impacted by increased market competition as other financial institutions offered lower interest rates on loans and higher yielding investments products, its 2024-25 net income position recorded a healthy 21.5% year on year growth finishing at just under $1 million. Operationally, work completed on fully reviewing the non-performing loan book, resulted in significant write-back to provisions and a more defined recoveries process that will lay the foundation for fiscal year 2025/2026. Overall the company continues to maintain strong capital and favourable liquidity build-up, both of which are critical to our long-term goals. We look forward to sharing further successes with you in the coming years. Income Statement • Total interest income - $15.04 million • Total interest expense - $6.71 million • Total other income - $8.79million • Total expenses - $14.96 million • Net profit after taxes - $988.9 thousand Statement of Financial Position • Net loans and advances - $250.47 million • Total assets - $328.23 million • Total deposits - $255.68 million Allied Co-operators Inc. (ACI) During the reporting period, engagement of the smaller Credit Unions for services with ACI were considerably reduced and as a result, the Directors of ACI made the decision to reach out to the umbrella body with the view to developing ACI as a full credit union service organisation(CUSO). We are awaiting feedback from the wider sector with regard to how best a CUSO such as ACI would work to help those smaller credit unions manage areas of governance, compliance, data privacy and regulatory changes going forward. The Credit Union’s Board of Directors is of the firm belief that ACI operating as a CUSO is a benefit for smaller Credit Unions given the current regulatory environment, but is also prepared to make a decision pertaining to ACI that is in the best interest of the Barbados Public Workers’ Group of Companies should this become a protracted matter. Legacy Foundation Legacy Foundation continues to serve as a key channel for BPWCCUL’s commitment to social development, reflecting the Credit Union’s enduring philosophy of “people helping people.” Through strategic investments in projects that promote Wellness, Empowerment, and Learning, the Foundation supports initiatives that bring lasting value to communities across Barbados. During the fiscal year April 1, 2024, to March 31, 2025, the Foundation received applications for grant funding in various areas of interest. After careful
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