The Financial Services Commission group headed by Barbados’ largest credit union has surged well past $2 billion in assets, fuelled by increases in cash resources, financial investments, and loans and advances.
This was after a financial year in which revenue streams, expense management, and operational efficiency improved.
Barbados Public Workers’ Co-operative Credit Union Limited’s (BPWCCUL) 2026 consolidated annual report says the group recorded net income of $10.1 million, a “significant improvement” over the prior year’s $6 million, driven by strong net interest income of $76.4 million and other income of $17.2 million.
The group’s leadership also reported that “despite operating expenses of $81.5 million, disciplined cost management and improved credit performance supported overall profitability”.
Parent entity BPWCCUL owns and operates the subsidiaries Allied Co-operators Inc. and BPW Financial Holdings Inc., the holding company for the CAPITA Group. The CAPITA Group includes subsidiaries CAPITA Financial Services Inc. and CAPITA Insurance Brokers Limited.
Ahead of the annual general meeting on Saturday at the Lloyd Erskine Sandiford Centre, president Lindell Earle said in the annual report on the board of directors’ behalf that the group, which has 120 908 members, saw total assets surging from $2.01 billion in 2025 to $2.09 billion in the financial year ended March 31.
He said this was “fuelled by increases in cash resources, financial investments, and loans and advances”.
“Deposits rose to $1.82 billion, underscoring continued member confidence. Equity strengthened to $205.1 million, compared to $198.6 million in the prior year, reflecting retained earnings growth and prudent reserve allocations,” Earle reported.
“Our capital base remains robust, positioning us well for future opportunities and challenges.”
The group also had an improved cash flow. “Operating activities generated $75.5 million in net cash, up from $50.9 million in 2025, supported by deposit growth and stable interest income,” Earle said.
“Investing activities reflected strategic expansion, with $10.5 million invested in property and equipment and $41.5 million in financial investments. Financing activities resulted in modest outflows, primarily due to member distributions and lease repayments.”
The credit union is by far the biggest part of the group. Its total assets “rose to $1.90 billion, supported by higher liquidity, member lending, and strategic investments. Deposits expanded by 5.4 per cent, 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.
The annual report said that during fiscal 2026, the credit union’s net loans increased by $21.9 million.
“Further analysis showed that increases in mortgage loans were the primary driver of loan growth, with net mortgages growing by $14.5 million or 2.7 percent per cent. This financial year, consumer loans grew by $8.1 million . . . while business loans contracted by $236.100,” it stated.
CAPITA Financial Services Inc. earned a net profit of $934 000 “after taxes, total deposits in excess of $240 million, and total assets of $316.5 million at year end”.
The report said that CAPITA Financial “remained focused on the development of its five-year strategy plan and 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.
“In addition, major emphasis was placed on reviewing the brand identity and the development of a more focused marketing strategy that will cater to the targeted customer segments.”
Commenting on the group’s performance in the context of its strategic outlook, Earle said, “This performance underscores our resilience, prudent risk management, and commitment to efficiency. We remain focused on strengthening our core business, investing in digital transformation, and delivering sustainable value to stakeholders.
“At the same time, we continue to balance growth with prudence, building reserves, maintaining a sound capital position, and investing in technology, infrastructure, and member services to ensure long-term sustainability and enhanced member value.
The group is planning to pursue “strategic goals that align with our mission to enhance the financial, economic, and social well-being of our members”.
Key targets in that period include achieving total revenue growth of 13.7 per cent by 2027; expanding the deposit base by 4.1 per cent by 2027; completing the Lower Broad Street facility expansion by 2028; and maintaining employee and member engagement scores between 80 to 90 per cent by 2028.
To realise these ambitions, the organisation will focus on the following four strategic pillars: member satisfaction and growth, financial stability and profitability, operational excellence, and workforce development and culture. (SC)