Consolidated Annual Report 2014

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED ANNUAL REPORT 2014 17 3 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Consolidated Statement of Income For the year ended March 31, 2014 With comparative figures for 2013 (Expressed in Barbados dollars) Notes 2014 2013 Restated* Interest income 3 $ 77,904,130 73,961,761 Interest expense 3 (29,172,425) (28,444,210) Net interest income 3 48,731,705 45,517,551 Other income 4 3,446,210 4,032,094 Net interest and other income 52,177,915 49,549,645 Loan impairment expense 11 (4,699,329) (4,890,002) Net operating income 47,478,586 44,659,643 Staff costs 5 13,614,712 12,036,981 Operating expenses 6 19,720,880 17,137,212 Depreciation 12 2,795,895 2,359,808 Total expenses 36,131,487 31,534,001 Income before taxation 11,347,099 13,125,642 Taxation 7 (219,686) (321,081) Net income for the year $ 11,127,413 12,804,561 * See Note 2.4 (iii) The accompanying notes form an integral part of these consolidated financial statements.