Non-Consolidated Annual Report 2017

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2017 20 5 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Non-consolidated Statement of Income For the year ended March 31, 2017 With comparative figures for 2016 (Expressed in Barbados dollars) Notes 2017 2016 Interest income 3 $ 81,362,831 76,368,414 Interest expense 3 (26,172,425) (25,916,747) Net interest income 3 55,190,406 50,451,667 Other income 4 3,965,115 3,548,648 Net interest and other income 59,155,521 54,000,315 Loan impairment expense 11 (4,645,234) (3,789,187) Net operating income 54,510,287 50,211,128 Staff costs 5 15,831,112 14,871,256 Operating expenses 6 19,257,277 16,595,746 Depreciation 12 3,405,398 3,252,662 Total expenses 38,493,787 34,719,664 Income before levies 16,016,500 15,491,464 Tax on assets 7 - (1,948,737) Net income for the year $ 16,016,500 13,542,727 The accompanying notes form an integral part of these non-consolidated financial statements.