15
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
Consolidated Statement of Income
For the year ended March 31, 2013, with comparative figures for 2012
(Expressed in Barbados dollars)
Notes
2013
2012
Interest income
3
$ 73,961,761
71,554,676
Interest expense
3
(28,444,210)
(28,614,796)
Net interest income
3
45,517,551
42,939,880
Other income
4
4,032,094
3,639,774
Net interest and other income
49,549,645
46,579,654
Loan impairment expense
11
4,890,002
3,993,335
Net operating income
44,659,643
42,586,319
Staff costs
5
11,948,267
11,429,574
Operating expenses
6
17,137,212
19,437,209
Depreciation
12
2,359,808
2,296,389
Total expenses
31,445,287
33,163,172
Income before taxation
13,214,356
9,423,147
Taxation
7
(321,081)
(177,241)
Net income for the year
$ 12,893,275
9,245,906
The accompanying notes form an integral part of these consolidated financial statements.
