Credit Unions in Grenada Show Strong Financial Performance
The credit union sector in Grenada has demonstrated remarkable financial performance, with total assets reaching a significant milestone of $1.1 billion as at December 31, 2020.
Growth and Development
Total assets have grown substantially over the past five years, increasing from $669 million in 2016 to $1.1 billion in 2020, representing a growth rate of over 63%. This impressive performance is attributed to the sector’s commitment to providing innovative financial solutions and excellent customer service.
Loans and Deposits
The total loans held by credit unions have also shown significant growth, reaching $944 million as at December 31, 2020. This represents an increase of over 42% from 2016, indicating a strong demand for credit in the market.
- Total loans: $944 million (2020), up from $664 million (2016)
- Total deposits: $844 million (2020), up from $674 million (2016)
Revenue and Net Surplus
The sector’s revenue also showed a significant increase, reaching $71.8 million in 2020, up from $67.7 million in 2019. As a result, the net surplus realized by credit unions increased to $15.4 million in 2020, compared to $13.9 million in 2019.
Key Takeaways
- The growth and stability of the credit union sector are testament to its ability to adapt to changing market conditions and deliver value to its members.
- The Grenada Authority for the Regulation of Financial Institutions will continue to monitor the sector’s performance and provide guidance to ensure its continued success.
Key Statistics
| Metric | 2020 | 2019 | Change |
|---|---|---|---|
| Total Assets | $1.1 billion | - | +63% |
| Total Loans | $944 million | - | +42% |
| Total Deposits | $844 million | - | +25% |
| Revenue | $71.8 million | $67.7 million | +6% |
| Net Surplus | $15.4 million | $13.9 million | +11% |
Note: The statistics are based on the latest figures released by the Grenada Authority for the Regulation of Financial Institutions as at December 31, 2020.