Non-Consolidated Annual Report 2016

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED NON-CONSOLIDATED ANNUAL REPORT 2016 18 2 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Non-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 $ 76,368,414 69,150,966 Interest expense 3 (25,916,747) (24,711,555) Net interest income 3 50,451,667 44,439,411 Other income 4 3,548,648 2,566,287 Net interest and other income 54,000,315 47,005,698 Loan impairment expense 11 (3,789,187) (3,711,957) Net operating income 50,211,128 43,293,741 Staff costs 5 14,871,256 12,661,323 Operating expenses 6 16,595,746 16,923,191 Depreciation 12 3,252,662 2,752,046 Total expenses 34,719,664 32,336,560 Income before levies 15,491,464 10,957,181 Tax on assets 7 (1,948,737) (1,350,916) Net income for the year $ 13,542,727 9,606,265 The accompanying notes form an integral part of these non-consolidated financial statements.