Credit Union Annual Report 2022 - Flipbook - Page 17
Delinquency Management
Our Debt Collection Department continued to work tirelessly to contain and reduce delinquency. The
delinquency rate of 1.07% (2021: 1.90%) improved by 44% due to the continued efforts of our Team.
The 44% improvement in the delinquency rate compared to the previous financial year was mainly due to:
A 10% reduction in loans past due 89 days
or more. This reduction was assisted by a
review of loans and a subsequent write off
process; and
A 57% decline in loans past due 31 to 60
days.
In addition, $147K was collected on previously
written-off debt.
2022
1.07%
2021
1.90%
2020
1.91%
2019
2.77%
2018
5.43%
Loans
Assets
Total Loans, net of provisioning of $362M (2021:
$323M) increased by 12% (2021: 10%).
Total assets of $510 million (2021: $468 million),
increased by 9% (2021: 14%). Total Assets increased
due to an 12% increase in loans to our members and
7% increase in fixed assets as we capitalized the
costs of the new banking system and ATMs.
Loans disbursed for the financial year of $105.8M
(2021: $88.9M), increased by 19% mainly due to the
demand for home and land ownership.
Total Loans ($000)
Total Assets ($000)
2022
362,059
2022
510,131
2021
323,229
2021
468,571
2020
294,272
2020
410,445
2019
263,219
2019
325,256
2018
195,954
2018
293,210
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Credit Union ANNUAL REPORT 2022