3
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
Non-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
$ 64,638,538
63,016,190
Interest expense
3
(23,442,142)
(24,037,541)
Net interest income
3
41,196,396
38,978,649
Other income
4
2,902,723
2,911,297
Net interest and other income
44,099,119
41,889,946
Loan impairment expense
10
(4,790,002)
(3,864,335)
Net operating income
39,309,117
38,025,611
Staff costs
5
10,399,762
9,881,657
Operating expenses
6
14,756,564
16,211,697
Depreciation
11
2,070,677
1,992,875
Total expenses
27,227,003
28,086,229
Net income for the year
$ 12,082,114
9,939,382
The accompanying notes form an integral part of these non-consolidated financial statements.
12
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
