Non-Consolidated Annual Report 2015

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED NON-CONSOLIDATED ANNUAL REPORT 2015 14 2 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Non-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 $ 69,150,966 67,486,468 Interest expense 3 (24,711,555) (23,763,271) Net interest income 3 44,439,411 43,723,197 Other income 4 2,566,287 2,418,549 Net interest and other income 47,005,698 46,141,746 Loan impairment expense 11 (3,711,957) (4,409,329) Net operating income 43,293,741 41,732,417 Staff costs 5 12,661,323 12,053,963 Operating expenses 6 16,923,191 16,761,958 Depreciation 12 2,752,046 2,489,432 Total expenses 32,336,560 31,305,353 Income before levies 10,957,181 10,427,064 Tax on assets 7 (1,350,916) - Net income for the year $ 9,606,265 10,427,064 The accompanying notes form an integral part of these non-consolidated financial statements.