Consolidated Annual Report 2016

15 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED CONSOLIDATED ANNUAL REPORT 2016 3 BARBADOS PUBLIC WORKERSʼ CO-OPERATIVE CREDIT UNION LIMITED Consolidated Statement of Income For the year ended March 31, 2016 With comparative figures for 2015 (Expressed in Barbados dollars) Notes 2016 2015 Interest income 3 $ 89,462,275 80,929,951 Interest expense 3 (32,977,686) (31,175,977) Net interest income 3 56,484,589 49,753,974 Other income 4 5,021,149 3,729,861 Net interest and other income 61,505,738 53,483,835 Loan impairment expense 12 (4,246,393) (3,951,296) Net operating income 57,259,345 49,532,539 Staff costs 5 17,220,090 14,634,909 Operating expenses 6 20,196,156 20,156,708 Depreciation 13 4,065,185 3,359,516 Total expenses 41,481,431 38,151,133 Income before levies and taxation 15,777,914 11,381,406 Tax on assets 7 (2,326,813) (1,604,120) Income before taxation 13,451,101 9,777,286 Taxation 8 (268,804) (135,729) Net income for the year $ 13,182,297 9,641,557 The accompanying notes form an integral part of these consolidated financial statements.