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Grenada Authority for the Regulation of Financial Institutions - Annual Report 2020
Credit Unions Sector Performs Well Despite Challenges
Despite a challenging economic environment, the credit unions sector in Grenada continued to perform well in 2020. According to the latest report from the Grenada Authority for the Regulation of Financial Institutions (GARFI), the total assets held by credit unions increased by 8.5% to reach $1.098 billion at the end of 2020, up from $1.014 billion in 2019.
Total Assets and Liabilities
As shown in Figure 1, the credit unions sector’s total assets have been steadily increasing over the past five years, with a significant jump in 2020. The total liabilities and capital have also seen a substantial increase, reaching $1.098 billion in 2020.
Total Loans and Deposits
The credit unions sector has continued to play an important role in providing financing to individuals and businesses in Grenada. As shown in Figure 2, the total loans held by credit unions increased by 12.5% to reach $600 million at the end of 2020.
- The sector’s total deposits also showed a significant increase, reaching $400 million in 2020, up from $300 million in 2019.
Statement of Comprehensive Income
The credit unions sector reported a net surplus of $15.4 million for the year 2020, down from $13.9 million in 2019. The decrease in surplus was largely due to an increase in interest expenses.
- Despite this, the sector’s total revenue increased by 6% to reach $71.8 million in 2020, up from $67.7 million in 2019.
Conclusion
The credit unions sector in Grenada has continued to perform well despite a challenging economic environment. The sector’s total assets and liabilities have seen significant increases, while its total loans and deposits have also shown substantial growth. While there was a decrease in surplus, the sector’s total revenue increased by 6%.
Overall, the sector’s performance is a testament to its resilience and ability to adapt to changing circumstances.
Figures
- Figure 1: Total Assets Held by Credit Unions - 2016-2020
- Figure 2: Total Loans Held by Credit Unions - 2016-2020
- Figure 3: Total Deposits Held by Credit Unions - 2016-2020