Tied to our vision, anchored by our values, building on our strengths
Assets
The growth in total assets was 10.2% or $17.9M. Total assets at year-end stood at $194.1M. The overall growth in the asset
base was propelled mainly by growth in loans.
Graph 1.1 shows the growth in loans as compared to total assets.
Loans
Assets
Loans
The loans portfolio experienced a growth of $20.8M or 13.96%. This represented a significant increase from the 9.1% experienced in 2012.
This was as a result of the repurchase of approximately $12M worth of loans previously sold to the Eastern Caribbean Home Mortgage Bank.
The natural growth in the portfolio stood at $8.8M or 5.9% in 2013. Total regular disbursement in 2013 was $40M. Total disbursements in 2012
stood at $36M. The challenge however in 2014 would be to maintain growth and improve performance through normal operations.
The net loans portfolio stood at $165.6M at the end of 2013 as compared to $145.3M in 2012. The loan loss provision was increased by
$500K in 2013 to a balance of $4.06M.
Deposits
Members’ deposits grew by 12.2% or $17.5M in 2013 as against 11.75% or $15.1M in 2012. The portfolio stood at $161.1M at the end
of 2013. Regular shares grew by 6.2% or $4.7M in 2013 as compared to 7% or $ 4.9M in 2012. Fixed Deposits grew by 19.94% or $9.4M
in 2013 as against 20.7% or $7.5M in 2012.
Fixed deposits continued to be in high demand because of general confidence in the strength of the Credit Union and its ability to offer
competitive rates.
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