BARBADOS’ LARGEST CREDIT UNION is weathering the storm caused by the island’s “recessionary economic environment”.
Not only has Barbados Public Workers’ Cooperative Credit Union Limited (BPWCCUL) recorded a $16 million profit, but its deposits have grown by $93.2 million, assets increased by $91.3 million, and it has added 5 637 new members.
BPWCCUL’s leadership also said that “although loan to asset growth in the sector fell slightly in 2016 to 75 per cent from 77 per cent, the credit union achieved significant net loan growth when compared to prior years”.
The positive performance was detailed in the financial institution’s annual report for the year ended March 31. (SC)
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