Consolidated Annual Report 2018

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2018 20 5 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Consolidated Statement of Income For the year ended March 31, 2018 With comparative figures for 2017 (Expressed in Barbados dollars) Notes 2018 2017 Interest income 3 $ 101,056,083 95,242,200 Interest expense 3 (32,165,647) (33,399,527) Net interest income 3 68,890,436 61,842,673 Other income 4 6,129,104 5,603,886 Net interest and other income 75,019,540 67,446,559 Loan impairment expense 12 (6,942,341) (5,032,441) Net operating income 68,077,199 62,414,118 Staff costs 5 18,788,208 18,487,577 Operating expenses 6 26,239,113 22,989,113 Depreciation 13 4,751,513 4,171,231 Total expenses 49,778,834 45,647,921 Income before levies and taxation 18,298,365 16,766,197 Tax on assets 7 (752,574) (728,304) Income before taxation 17,545,791 16,037,893 Taxation 8 (178,787) (85,011) Net income for the year $ 17,367,004 15,952,882 The accompanying notes form an integral part of these consolidated financial statements.