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GRENADA AUTHORITY FOR THE REGULATION OF FINANCIAL INSTITUTIONS - ANNUAL REPORT 2020
CREDIT UNIONS SECTOR EXPERIENCES GROWTH DESPITE CHALLENGES
The credit unions sector in Grenada has continued to demonstrate resilience and growth, despite the challenges posed by the COVID-19 pandemic. According to the latest data released by the Grenada Authority for the Regulation of Financial Institutions (GARFI), the total assets held by credit unions increased by 7.4% from $669.9 million in 2016 to $1.09 billion in 2020.
KEY FACTORS CONTRIBUTING TO GROWTH
- Increase in deposits, loans and investments
- Total deposits grew by 12.2% from $441.8 million in 2016 to $695.3 million in 2020
- Total loans outstanding increased by 10.5% from $364.9 million in 2016 to $641.1 million in 2020
KEY PERFORMANCE INDICATORS
| Indicator | 2020 | 2016 |
|---|---|---|
| Total Assets | $1.09 billion | $669.9 million |
| Total Deposits | $695.3 million | $441.8 million |
| Total Loans Outstanding | $641.1 million | $364.9 million |
| Net Surplus | $15.4 million | $13.9 million |
STATEMENT OF COMPREHENSIVE INCOME - 2020
The credit unions sector realized total revenue of $71.8 million for the year 2020, resulting in a net surplus of $15.4 million.
ANALYSIS
Despite the challenges posed by the pandemic, the credit unions sector has continued to demonstrate its resilience and growth. The increase in deposits, loans and investments is a testament to the sector’s ability to adapt to changing market conditions.
The sector’s profitability is also noteworthy, with a net surplus of $15.4 million in 2020. This represents an increase of $1.5 million or 10.9% compared to 2019.
CONCLUSION
In conclusion, the credit unions sector in Grenada has continued to demonstrate its growth and resilience despite the challenges posed by the pandemic. The sector’s key performance indicators continue to reflect its strong performance, with increases in deposits, loans and investments, as well as a net surplus of $15.4 million in 2020.
The GARFI will continue to monitor the sector’s performance and provide guidance and support to ensure that it continues to grow and thrive.