15 SEPARATE ANNUAL REPORT 2026 During the reporting period, we proudly supported and sponsored over 102 organisations, awarded more than $275 thousand in scholarships and $181 thousand in social outreach, reinforcing our role as a partner in education, empowerment, and social progress. The below chart illustrates the breakdown of expenditure across the various categories for the financial year. BPWCCUL remains financially strong, ensuring our ability to serve members and provide support through the shifts and uncertainties of the economy. We are dedicated to equipping members with the right financial tools, access to certified financial counsellors, and personalised service to help them build and sustain a solid financial foundation. Our focus extends beyond financial transactions; we are committed to the overall well-being of our members, empowering individuals and families to achieve stability, pursue opportunities, and create brighter futures. Credit Union Performance Global economic activity slowed in 2026 as geopolitical instability, particularly the conflict in the Middle East, disrupted trade flows, raised energy prices, and heightened uncertainty. The International Monetary Fund (IMF) projects global growth at 3.1 percent, below pre pandemic averages, while inflationary pressures remain elevated across many regions. At the same time, the financial services sector continues to face mounting pressures, including escalating cybersecurity threats, intensifying competition from both banks and non bank lenders, rising regulatory demands, and the urgent need for digital transformation. Institutions are also competing for specialised talent in technology, compliance, and risk management. Despite these headwinds, the Barbados Public Workers’ Co operative Credit Union Ltd. remained focused on strengthening operational resilience. Our strategy emphasises reinforcing cybersecurity defences, accelerating digital transformation, investing in talent development, and maintaining financial discipline to ensure sustainable growth and prudent risk management. Against this backdrop, the financial year ended March 31, 2026, was marked by solid growth and strengthened resilience. Total assets rose to $1.90 billion, supported by higher liquidity, member lending, and strategic investments. Deposits expanded by 5.4 percent, reinforcing our core funding base, while equity improved to $202.6 million. Net income of $9.2 million reflected disciplined expense management, diversified income streams, and reduced credit risk provisions. Despite modest declines in reserves from actuarial and investment re-measurements, overall comprehensive income advanced to $7.4 million, underscoring the institution’s continued financial stability. For our members, these results translate into a stronger, more resilient Credit Union that is well positioned to meet evolving needs. Growth in lending reflects our continued support for members’ personal and professional goals, while the expansion of deposits underscores the trust placed in us as a safe and reliable financial partner. By maintaining prudent capital levels and focusing on efficiency, we are able to reinvest in services, technology, and community initiatives that directly benefit our membership. Subsidiary Performance CAPITA Financial Services Inc. (CAPITA) Group During the financial year ended March 31, 2026, CAPITA continued to execute its strategic priorities with a strong focus on business growth, operational excellence, and digital transformation. A key initiative was the expansion of the loan portfolio, with greater emphasis placed on the business lending segment to support diversification and sustainable revenue growth. CAPITA prioritized increasing non-interest income streams as part of its broader strategy to manage the rising cost of funds and strengthen overall financial performance through the rollout of its six new deposit products to serve both the retail and commercial clients. A working capital line from a local financial institution to provide a buffer was secured. Should the need arise, this balanced approach to revenue generation allows the entity to remain competitive in an evolving financial services landscape. CAPITA’s Card Services Department recorded a net positive year, driven mainly by a collaborative sales promotion with Mastercard “Spend and Win”. The campaign encouraged increased card usage among customers and contributed to growth in interchange revenue, compared with the previous financial year. This achievement underscores CAPITA’s continued commitment to enhancing the value proposition of its card products, while expanding sustainable sources of non-interest income. Enhancing the customer experience and delivery remained a central focus throughout the year. Several initiatives were undertaken, including the upgrade of its website, the launch of active social media campaigns to strengthen customer engagement and brand visibility, and the re-engineering of the term deposit onboarding process to deliver a more seamless and efficient customer journey. In addition, development commenced on an AI-powered chatbot, designed to provide customers with faster, more accessible service and an enhanced digital experience. Significant progress in the execution of its credit risk management strategy was also achieved, as focused delinquency management initiatives and enhanced recovery efforts contributed to improved oversight of the non-performing loan portfolio. A comprehensive review of the portfolio confirmed the adequacy of loan loss provisions, with no significant increase required compared to the prior year. This outcome reflects the effectiveness of the credit risk management and
RkJQdWJsaXNoZXIy MTA2MDM=