Consolidated Annual Report 2015

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED CONSOLIDATED ANNUAL REPORT 2015 16 3 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Consolidated Statement of Income For the year ended March 31, 2015 With comparative figures for 2014 (Expressed in Barbados dollars) Notes 2015 2014 Interest income 3 $ 80,929,951 77,904,130 Interest expense 3 (31,175,977) (29,172,425) Net interest income 3 49,753,974 48,731,705 Other income 4 3,729,861 3,446,210 Net interest and other income 53,483,835 52,177,915 Loan impairment expense 12 (3,951,296) (4,699,329) Net operating income 49,532,539 47,478,586 Staff costs 5 14,634,909 13,614,712 Operating expenses 6 20,156,708 19,720,880 Depreciation 13 3,359,516 2,795,895 Total expenses 38,151,133 36,131,487 Income before levies and taxation 11,381,406 11,347,099 Tax on assets 7 (1,604,120) - Income before taxation 9,777,286 11,347,099 Taxation 8 (135,729) (219,686) Net income for the year $ 9,641,557 11,127,413 The accompanying notes form an integral part of these consolidated financial statements.