Credit Unions Show Resilience Amidst Economic Uncertainty
The credit union sector in Grenada has demonstrated remarkable resilience in the face of economic uncertainty, according to the latest annual report from the Grenada Authority for the Regulation of Financial Institutions (GARFI).
Sector Performance
Total assets held by credit unions increased by 8.5% between 2019 and 2020, reaching a staggering $1.098 billion. This growth is attributed to the sector’s ability to adapt to changing market conditions and capitalize on new opportunities.
- Total loans extended by credit unions grew by 10.3% over the same period, with the sector now holding over $669 million in outstanding loans.
- Deposits also saw a significant increase, rising by 12.1% year-on-year to reach $774 million.
Financial Performance
The sector’s financial performance was further bolstered by a net surplus of $15.4 million for the year 2020, up from $13.9 million in 2019. This represents a reduction in surplus of $1.5 million, largely due to an increase in interest expenses.
Quotes
“The credit union sector has demonstrated remarkable resilience in the face of economic uncertainty,” said [Name], Director-General of GARFI. “Their ability to adapt and innovate has allowed them to maintain their position as a vital component of Grenada’s financial landscape.”
Figures
Total Assets Held by Credit Unions - 2016-2020
| Year | Total Assets |
|---|---|
| 2016 | $669 million |
| 2017 | $774 million (15.3% increase) |
| 2018 | $879 million (14.2% increase) |
| 2019 | $1,014 billion (15.4% increase) |
| 2020 | $1,098 billion (8.5% increase) |
Total Loans Held by Credit Unions - 2016-2020
| Year | Total Loans |
|---|---|
| 2016 | $567 million |
| 2017 | $636 million (12.5% increase) |
| 2018 | $731 million (14.9% increase) |
| 2019 | $823 million (13.1% increase) |
| 2020 | $844 million (10.3% increase) |
Total Deposits Held by Credit Unions - 2016-2020
| Year | Total Deposits |
|---|---|
| 2016 | $542 million |
| 2017 | $615 million (13.8% increase) |
| 2018 | $693 million (12.9% increase) |
| 2019 | $768 million (10.5% increase) |
| 2020 | $774 million (12.1% increase) |
The full report is available on the GARFI website, providing further insight into the credit union sector’s performance and outlook.