BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2016
18
2
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
Non-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
$
76,368,414
69,150,966
Interest expense
3
(25,916,747) (24,711,555)
Net interest income
3
50,451,667
44,439,411
Other income
4
3,548,648
2,566,287
Net interest and other income
54,000,315
47,005,698
Loan impairment expense
11
(3,789,187) (3,711,957)
Net operating income
50,211,128
43,293,741
Staff costs
5
14,871,256
12,661,323
Operating expenses
6
16,595,746
16,923,191
Depreciation
12
3,252,662
2,752,046
Total expenses
34,719,664
32,336,560
Income before levies
15,491,464
10,957,181
Tax on assets
7
(1,948,737) (1,350,916)
Net income for the year
$
13,542,727
9,606,265
The accompanying notes form an integral part of these non-consolidated financial statements.
