15
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2016
3
BARBADOS PUBLIC WORKERSʼ CO-OPERATIVE CREDIT UNION LIMITED
Consolidated Statement of Income
For the year ended March 31, 2016
With comparative figures for 2015
(Expressed in Barbados dollars)
Notes
2016
2015
Interest income
3
$ 89,462,275 80,929,951
Interest expense
3
(32,977,686) (31,175,977)
Net interest income
3
56,484,589 49,753,974
Other income
4
5,021,149 3,729,861
Net interest and other income
61,505,738 53,483,835
Loan impairment expense
12
(4,246,393)
(3,951,296)
Net operating income
57,259,345 49,532,539
Staff costs
5
17,220,090 14,634,909
Operating expenses
6
20,196,156 20,156,708
Depreciation
13
4,065,185 3,359,516
Total expenses
41,481,431 38,151,133
Income before levies and taxation
15,777,914 11,381,406
Tax on assets
7
(2,326,813)
(1,604,120)
Income before taxation
13,451,101 9,777,286
Taxation
8
(268,804)
(135,729)
Net income for the year
$ 13,182,297 9,641,557
The accompanying notes form an integral part of these consolidated financial statements.
