BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2015
16
3
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
Consolidated Statement of Income
For the year ended March 31, 2015
With comparative figures for 2014
(Expressed in Barbados dollars)
Notes
2015
2014
Interest income
3
$ 80,929,951
77,904,130
Interest expense
3
(31,175,977) (29,172,425)
Net interest income
3
49,753,974 48,731,705
Other income
4
3,729,861
3,446,210
Net interest and other income
53,483,835 52,177,915
Loan impairment expense
12
(3,951,296) (4,699,329)
Net operating income
49,532,539 47,478,586
Staff costs
5
14,634,909
13,614,712
Operating expenses
6
20,156,708
19,720,880
Depreciation
13
3,359,516 2,795,895
Total expenses
38,151,133 36,131,487
Income before levies and taxation
11,381,406 11,347,099
Tax on assets
7
(1,604,120)
-
Income before taxation
9,777,286 11,347,099
Taxation
8
(135,729)
(219,686)
Net income for the year
$ 9,641,557 11,127,413
The accompanying notes form an integral part of these consolidated financial statements.
