GPSCCU Annual Report 2013
Overview
The financial year 2013 proved to be another challenging but satisfactory year for the Credit Union. This was evident by an overall
growth in the GPSCCU amidst intense competition received from the various lending institutions in the sector. Some institutions
were able to initiate a general reduction in lending rates at various times throughout the year - an action not readily available
to the Credit Union. The real challenge therefore was for the Credit Union to satisfy the diverse needs of our members in an
atmosphere of intense competition for loans, while maintaining a decent loan portfolio.
In spite of the various challenges faced the sector, the Credit Union’s loans portfolio grew significantly. It must be noted however,
that the high growth experienced in Housing Sector is attributed to the repurchase of $14,145,186 of mortgage loans from the
Eastern Caribbean Home Mortgage Bank during 2013.
The Credit Committee met for a total of fifty times during the year 2013. The following is a summary of the loans approved.
Loan Disbursements 2013
Number of Loans
2013
Debt Consolidation
Personal Expenses
Education
Housing
Home Furnishing
Agriculture
Land Purchase
Business
36
Vacation Travel
Motor Vehicle
Total
2012
Value of Loans
% Change
2013
2012
% Change
504
1,014
-50
7,467,961
11,950,636
-37
2,492
2,164
15
7,600,373
5,040,063
50
173
189
-8
1,616,672
1,601,581
0.9
393
381
3
21,302,579*
8,629,130
246.86
65
72
-10
405,173
374,744
8
38
21
80
331,573
381,268
-13
37
36
3
2,832,772
3,198,967
-11
265
116
128
1,968,835
1,509,013
30
95
109
-13
694,200
675, 800
2.7
222
246
-10
2,832,772
2,708,192
4.6
4,284
4,348
-1
47,072,663
36,069,394
45
* Disbursement for Housing Sector includes mortgage loans repurchased from ECHMB amounting to $14,145,186 in 2013