BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2015
14
2
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
Non-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
$ 69,150,966
67,486,468
Interest expense
3
(24,711,555)
(23,763,271)
Net interest income
3
44,439,411
43,723,197
Other income
4
2,566,287
2,418,549
Net interest and other income
47,005,698
46,141,746
Loan impairment expense
11
(3,711,957)
(4,409,329)
Net operating income
43,293,741
41,732,417
Staff costs
5
12,661,323
12,053,963
Operating expenses
6
16,923,191
16,761,958
Depreciation
12
2,752,046
2,489,432
Total expenses
32,336,560
31,305,353
Income before levies
10,957,181
10,427,064
Tax on assets
7
(1,350,916)
-
Net income for the year
$ 9,606,265
10,427,064
The accompanying notes form an integral part of these non-consolidated financial statements.
