12 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Snapshot of Credit Union’s Performance: In 2026, the Credit Union, led by a team of dedicated professionals provided members with tailored and appropriate financial solutions to meet their needs. During the year, membership increased by 3,651 members or 3.1 percent, reaching 120,908 members. This growth supported continued deposit mobilisation and member engagement with new deposit generation of $184.8 million and 247 new loans to first-time members totaling $4.8 million. Member-related expenditures through educational grants and scholarship expenses declined by $18.0 thousand compared to the previous year; however, demand for social outreach increased by $33.5 thousand compared to the prior year. The increase in membership contributed to the Credit Union’s growth in deposits of $83.5 million (2025 – $40.8 million) or 5.3 percent (2025 – 2.7 percent). Consequently, deposit generation was $184.8 million and 247 new loans to first-time members totalling $4.8 million. At March 31, 2026, approved loan commitments and pending disbursements cumulatively totaled $61.9 million (2025 – $62.8 million), decreasing from the prior year by $850.5 thousand or 1.4 percent. During the fiscal 2026, the Credit Union’s net loans increased by $21.9 million (2025 – $3.8 million increase) or 1.9 percent (2025 – 0.3 percent). Further analysis showed that increases in mortgage loans were the primary driver of loan growth, with net mortgages growing by $14.5 million (2025 – $20.8 million) or 2.7 percent (2025 – 4.1 percent). This financial year, consumer loans grew by of $8.1 million (2025 – a decline by $25.4 million) or 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, 2026 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”) Group Overview: As an integrated financial services group, we remain committed to enhancing the financial well-being of our members, customers, and the wider communities we serve. Through a disciplined approach to growth, innovation, and risk management, we continue to pursue sustainable value creation while advancing our strategic objectives. Our focus remains on optimizing resources, embracing digital transformation, strengthening environmental and social responsibility initiatives, deepening member and customer engagement, and maintaining sound financial stewardship across the Group. The operating environment continues to evolve rapidly, shaped by technological advancement, changing customer expectations, increasing regulatory requirements, and emerging cybersecurity risks. In response, the Group remains focused on building resilience, enhancing operational efficiency, and investing in the systems, people, and infrastructure necessary to support long-term success. As we enter our fifty-sixth year as a Credit Union and sixteenth year as a diversified financial services Group, we proudly reflect on the vision and dedication of our founders whose foresight laid the foundation for our success. We also extend our sincere appreciation to our members, customers, employees, and stakeholders whose continued trust and support have enabled us to grow, evolve, and remain a strong and relevant institution for generations to come. Adoption of New Accounting Standards During the financial year ended March 31, 2026, there were no newly adopted or implemented accounting standards which had a significant impact on the reporting or performance of the Group. Management Discussion & Analysis (MD&A)
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