The Light and Power Employees Co-operative Credit Union Ltd delivered a strong message of confidence, stability and forward momentum at its 43rd Annual General Meeting held on Saturday March 28th 2026, at the Radisson Resort Barbados. Members gathered in good standing to review the performance of the Credit Union for the financial year ending December 31 2025, while also participating in key governance decisions that will shape the organisation’s future.

 

The meeting reflected an institution that is not only growing, but evolving with purpose. Through a clear strategic direction, strengthened governance and a deeper understanding of member needs, LPECCUL continues to position itself as a modern and responsive financial cooperative in Barbados.

New Board Elected to Guide the Next Phase

A significant outcome of the AGM was the election of a new Board of Directors for 2026-2027. The newly elected Board represents a strong blend of leadership experience, institutional knowledge and renewed energy, ensuring continuity while embracing new perspectives.

The Board of Directors for 2026-2027 is as follows:

• Keisha Morris – President
• Rhe Ann Niles Mapp – Vice President
• David Lawrence – Secretary
• Sheena Edwards – Treasurer
• Reginald Parris – Assistant Treasurer
• Rommel Cumberbatch – Assistant Secretary
• Kelvin Whittaker – Director

This Board now carries the responsibility of guiding the Credit Union through its next phase of growth, with a continued focus on strengthening governance, enhancing member value and advancing strategic initiatives that support long-term sustainability.

Strong Financial Performance Driven by Discipline and Growth

LPECCUL reported a solid and commendable financial performance for 2025, reflecting both growth and improved operational efficiency. Total assets increased to 67.26 million dollars, representing a 3.74 percent growth over the previous year. Loans to members grew to 31.03 million dollars, an increase of 6.8 percent, reaffirming the Credit Union’s core role in providing accessible financing solutions to its members.

Member deposits and shares rose to 55.57 million dollars, demonstrating continued trust and confidence in the institution. Institutional capital also strengthened to 10.87 million dollars, reinforcing the Credit Union’s financial stability and long-term resilience.

A key highlight was the net surplus of 436516 dollars, representing a significant increase of 43.44 percent year over year. This improvement reflects a deliberate focus on operational efficiency, cost management and the effective use of digital tools to streamline services and reduce expenses.

The loan portfolio continues to be the primary driver of revenue, supported by strong performance in areas such as vehicle loans, mortgages, home improvement and debt consolidation. At the same time, improved delinquency management contributed to a reduction in arrears, demonstrating stronger credit discipline among members and effective oversight by management and committees.

Strategic Plan Delivering Measurable Impact

The AGM highlighted the continued execution of LPECCUL’s three-phased Strategic Plan, which is anchored on Member Development, Financial Stability and Strategic Partnerships. The progress achieved during 2025 demonstrates that the plan is not theoretical, but actively shaping the operations and outcomes of the Credit Union.

Under the Member Development pillar, there has been a significant expansion in financial education and engagement initiatives. Programmes such as CU101 have helped to improve financial literacy, empowering members to make more informed decisions about saving, borrowing and investing.

Within the Financial Stability pillar, the Credit Union has strengthened its internal frameworks through improved risk management practices and the implementation of risk-based lending. This approach ensures that lending remains accessible while maintaining the long-term sustainability of the loan portfolio.

The Strategic Partnerships pillar has also seen growth, with deeper collaboration across community organisations and partners, enhancing the Credit Union’s visibility and relevance within the wider Barbadian community.

In addition, governance and compliance were further strengthened through comprehensive policy reviews, updates to key operational frameworks and continued adherence to regulatory requirements. These behind the scenes improvements play a critical role in maintaining trust, accountability and institutional strength.

Data Driven Marketing and Member Centric Innovation

A defining feature of LPECCUL’s progress in 2025 has been its shift toward data-driven marketing and decision making. By leveraging internal data and member insights, the Credit Union has been able to design more targeted campaigns and personalised financial solutions.

This approach has resulted in stronger engagement, improved loan uptake and a more meaningful connection with members. Campaigns are now aligned with real member needs and behaviours, ensuring that products and services are both relevant and accessible.

At the same time, the Credit Union has continued to invest in digital transformation, enhancing online services and communication platforms to provide a more seamless and convenient member experience.

Beyond financial services, LPECCUL remains committed to its role in community development. Increased investment in youth programmes, financial education initiatives and outreach activities reflects a holistic approach to member empowerment, ensuring that the benefits of the Credit Union extend beyond traditional banking.

Positioning for the Future

While the results presented at the AGM reflect a strong year of performance, the message from leadership was clear that the journey continues. The Credit Union remains focused on building on its current momentum while addressing emerging opportunities and challenges.

Key priorities moving forward include expanding digital capabilities, introducing modern financial solutions, strengthening member engagement and continuing to enhance governance and compliance frameworks.

The Credit Union also remains committed to exploring new opportunities that improve convenience and accessibility for members, ensuring that it remains competitive in an increasingly digital and fast evolving financial landscape.

A Cooperative Built on Trust and Purpose

The 43rd Annual General Meeting reaffirmed that LPECCUL is not only growing, but doing so with intention and discipline. Its strategy is driven by data, its decisions are guided by strong governance and its mission remains rooted in the cooperative principle of serving members first.

With a newly elected Board of Directors, a clear strategic direction and a strong financial foundation, LPECCUL is well positioned to continue delivering value, empowering its members and strengthening its role within the community for years to come.