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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2014
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2014
(Expressed in Barbados dollars)
21
3.
Net Interest Income
2014
2013
Interest income
Loans and advances
$ 63,592,246
60,897,516
Financial investments
1,142,636
825,868
Cash resources
2,751,586
2,915,154
$ 67,486,468
64,638,538
Interest expense
Deposits
$ 20,993,802
19,984,927
Loans payable
2,769,469
3,457,215
23,763,271
23,442,142
Net interest income
$ 43,723,197
41,196,396
4.
Other Income
2014
2013
Fee income
$
1,107,733
908,271
Legal income
863,695
582,752
Rental income
64,974
815,422
Bad debt recoveries
278,639
448,515
Dividend income
103,820
100,852
(Loss) gain on disposal of equipment
(312)
46,911
$ 2,418,549
2,902,723
5.
Staff Costs
2014
2013
Restated*
Salaries
$
9,605,649
8,440,250
National Insurance Scheme contributions
796,961
692,847
Pension plan – defined benefit plan (Note 12)
506,725
378,267
Other costs
1,144,628
977,112
$ 12,053,963
10,488,476
* See Note 2 (d) (iii)