The Grenada Co-operative Bank has posted a subdued first-half performance. Profit after tax (unaudited) for the six (6) months ended March 31, 2022, amounted to $3.2M. This performance reflects less than expected profits compared to the budget of $3.5M, resulting from a growth in operating expenses over the period.
Total Assets now stand at $1.59B, an increase of 11% or $160.5M for the first six (6) months of the financial year. A 4% favourable variance over the budgeted asset growth for the period.
Customer Deposits grew by $150.5M (12%) compared to a 5% budgeted increase for the period, with deposits moving from $1.28B at September 30, 2021 to $1.43B at March 31, 2022.
The Bank’s Capital Adequacy, Solvency, and Non- Performing Loan ratios all remain within regulatory requirements, with the Non-Performing Loans ratio at 0.32%, which has been consistently maintained below the prudential benchmark of <5%.
Our local economy continues to show signs of a positive recovery from the impact of the Covid-19 pandemic. This recovery has been led by construction and agriculture, supporting an expected expansion of real output. Food, fuel, and transport prices are expected to continue pushing up inflation, reflecting the impact of strained global supply chains. The main risk to the outlook (albeit a reducing risk) is a prolonged pandemic, with implications for tourism and students’ return to Saint George’s University (SGU). At Co-op Bank, we are well placed to respond to the foreseen challenges.
As we advance into the second half of the financial year, we are determined to leverage opportunities to maintain the Bank’s profitability and serve our stakeholders.
