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GRENADA’S CREDIT UNION SECTOR SHOWS RESILIENCE DESPITE CHALLENGES

St George’s, Grenada - The Grenada Authority for the Regulation of Financial Institutions (GARFIN) has released its annual report for 2020, which highlights the resilience of the country’s credit union sector.

Growth and Performance

According to the report, the total assets held by credit unions in Grenada grew to $1.098 billion in 2020, a significant increase from the previous year’s figure of $1.014 billion. This represents a growth rate of over 8% and demonstrates the sector’s ability to withstand economic challenges.

  • Total assets: $1.098 billion (2020), up from $1.014 billion (2019)
  • Growth rate: Over 8%

The report also shows that the sector’s total loans outstanding increased to $879 million in 2020, up from $774 million in 2019. This represents a growth rate of over 13%, indicating a strong demand for credit among consumers and businesses.

  • Total loans outstanding: $879 million (2020), up from $774 million (2019)
  • Growth rate: Over 13%

Deposits held by credit unions also showed significant growth, reaching $669 million in 2020, an increase of over 15% from the previous year.

  • Deposits: $669 million (2020), up from $574 million (2019)
  • Growth rate: Over 15%

The sector’s financial performance was marked by a net surplus of $15.4 million in 2020, down from $13.9 million in 2019. This represents a reduction in surplus of $1.5 million largely due to an increase in interest expenses and provision for impairment losses.

Financial Inclusion and Economic Development

The sector’s efforts to increase financial inclusion and support economic development in Grenada were also highlighted in the report. Credit unions have played a critical role in providing access to financial services for small businesses, farmers, and low-income households.

“We are pleased to see the credit union sector performing well despite the challenges posed by the pandemic,” said [Name], CEO of GARFIN. “The sector’s resilience is a testament to its strong governance, risk management practices, and commitment to serving the financial needs of Grenada’s citizens.”

Conclusion

Overall, the GARFIN annual report provides a positive outlook on the credit union sector in Grenada, highlighting its growth, resilience, and commitment to serving the country’s financial needs.

Key Statistics

  • Total assets held by credit unions: $1.098 billion (2020), up from $1.014 billion (2019)
  • Total loans outstanding: $879 million (2020), up from $774 million (2019)
  • Deposits held by credit unions: $669 million (2020), up from $574 million (2019)
  • Net surplus: $15.4 million (2020), down from $13.9 million (2019)

Contact

[Name] [Email] [Phone]