Bajans have close to a billion in credit union
More than 70 000 Barbadians now have close to $1 billion stashed away in the island’s largest credit union.
Members of the Barbados Public Workers’ Co-operative Credit Union Limited Group, which includes subsidiaries BPW Financial Holdings Inc and Capital Financial Services Inc., have deposited $241.5 million in the last five years alone.
With management reporting that the co-operative is “highly liquid” with total cash resources amounting to $108.8 million, its members have also not lost their appetite for borrowing as Public Workers had more than $906 million loans portfolio up to the end of March.
These are among the highlights of the credit union’s operations, as the group’s management reported $9.6 million in surplus and an overall “commendable performance” last year.
“The group’s strong liquidity position continued to be driven by the growth in deposit liabilities. At the financial year end, the group’s deposits totalled $915.3 million, an increase of $76.3 million or 9.1 per cent higher than at the previous year-end.
“Deposits at the credit union grew by $53.3 million or 7.4 per cent, while Capita continued to reflect a steady increase in customer deposits which increased by $23.1 million or 16.9 per cent,” the credit union said in its latest annual report.
“At March 31, 2015 the total consolidated assets of the group reached $1.1 billion reflecting an average growth of $6.1 million a month during the year…The growth epitomised the confidence, loyalty and support in which members and customers have placed in the respective boards, management and staff of the companies within the group.
It added: “The group’s consolidated net income for the year under review totalled $9.6 million compared to $11.1 million for the previous year. Total tax levied on the assets of the group ending March 31, 2015 amounted to $1.6 million.”
Management also said the credit union “continued to maintain tight control over the rate of non-performing loans”, noting that “although there was an increase in non-performing loans by $6.1 million across the group, the rate of delinquency increased marginally to 6.8 per cent”.
President Glendon Belle said the board of directors was happy with the performance “notwithstanding the volatile economic environment” and that “based on our current growth path as a separate entity, the credit union is on target to meet the $1 billion mark in assets during the coming year”.
Public Workers has also received regulatory approval to open a new branch in St Peter and will be doing so this year.