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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2014
12
2
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
Non-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
$ 67,486,468
64,638,538
Interest expense
3
(23,763,271)
(23,442,142)
Net interest income
3
43,723,197
41,196,396
Other income
4
2,418,549
2,902,723
Net interest and other income
46,141,746
44,099,119
Loan impairment expense
10
(4,409,329)
(4,790,002)
Net operating income
41,732,417
39,309,117
Staff costs
5
12,053,963
10,488,476
Operating expenses
6
16,761,958
14,756,564
Depreciation
11
2,489,432
2,070,677
Total expenses
31,305,353
27,315,717
Net income for the year
$ 10,427,064
11,993,400
* See Note 2 (d) (iii)
The accompanying notes form an integral part of these non-consolidated financial statements.