Credit Union Annual Report 2022 - Flipbook - Page 18
Provisions
Total loan provision of $560K (2021: $1.43M) was
reduced by loans written-off of $1.038M (2021:
$564K) as of 31 July 2022 and increased by an
additional bad debt provision of $168K.
Total provision of $560K includes a specific
provision and an expected credit loss provision
based on the IFRS9. The specific loan loss provision
on non-performing loans decreased by 79%
bringing the total specific provision to $251K (2021:
$1.17M). The expected credit loss on the performing
loan book increased by 19% to $309K (2021: 260K)
mainly due to revised assumptions based on the
nature and complexity of the loan book.
Loan Provisions ($000)
2022
560
2021
1,431
2020
2,449
2019
2,134
2018
2,668
Loans written-off totaled $1.038M (2021: $564K);
these loans were written off after careful
consideration by the Board of Directors because
they had been delinquent for a significant period, and all efforts to secure repayment were exhausted and
proved unsuccessful. The members involved have been recorded in the Register of Loans Written Off, and
these members may not avail of future lending facilities of the Credit Union, until such time as their
previously outstanding indebtedness is repaid.
Shares & Deposits
Total member deposits of $464M (2021: $426M)
grew by 9%.
Members continued confidence in our Credit Union
is shown in the growth in member deposits;
members’ shares grew by 8% (2021: 16%). Member
deposits (savings and term deposits) increased by
20% (2021: down 6%) as more members transfer
funds online from banks.
Credit Union ANNUAL REPORT 2022
Total Member Deposits ($000)
2022
463,878
2021
425,607
2020
370,432
2019
287,198
2018
260,376
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