BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2015
44
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Consolidated Financial Statements
For the year ended March 31, 2015
(Expressed in Barbados dollars)
31
12. Loans and Advances…(continued)
(ii) The movement in provision for impaired loans is as follows:
2015
Consumer
Business
Mortgages
Total
Balance, beginning of year
$ 16,754,197
462,395
5,395,013
22,611,605
Amounts charged off
(3,061,940)
(82,101)
(230,240)
(3,374,281)
Loan impairment expense
3,343,746
(85,818)
693,368
3,951,296
Balance, end of year
17,036,003
294,476
5,858,141
23,188,620
Individual impairment
$ 13,079,751
221,696
4,504,692
17,806,139
Collective impairment
3,956,252
72,780
1,353,449
5,382,481
$ 17,036,003
294,476
5,858,141
23,188,620
2014
Consumer
Business
Mortgages
Total
Balance, beginning of year
$ 17,068,869
240,879
3,293,557
20,603,305
Amounts charged off
(2,626,995)
(64,034)
-
(2,691,029)
Loan impairment expense
2,312,323
285,550
2,101,456
4,699,329
Balance, end of year
16,754,197
462,395
5,395,013
22,611,605
Individual impairment
$ 12,894,657
347,027
4,101,232
17,342,916
Collective impairment
3,859,540
115,368
1,293,781
5,268,689
$ 16,754,197
462,395
5,395,013
22,611,605
