Consolidated Annual Report 2018

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2018 46 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2018 (Expressed in Barbados dollars) 31 3. Net Interest Income 2018 2017 Interest income Loans and advances $ 97,576,856 91,394,396 Financial investments 2,064,817 2,065,837 Cash resources 1,414,410 1,781,967 101,056,083 95,242,200 Interest expense Deposits 31,647,448 32,364,857 Loans payable 518,199 1,034,670 32,165,647 33,399,527 Net interest income $ 68,890,436 61,842,673 4. Other Income 2018 2017 Fee income $ 1,759,574 1,821,039 Legal income 942,256 1,239,028 Rental income 48,572 67,757 Bad debt recoveries 1,755,487 1,002,364 Insurance agency commissions 1,127,441 1,237,707 Dividend income 101,022 109,342 Realised gain on sale of investments - 3,858 Gain on disposal of equipment 50,429 13,997 Lease income 225,818 12,650 Other 118,505 96,144 $ 6,129,104 5,603,886 5. Staff Costs 2018 2017 Salaries $ 14,958,173 14,746,023 National Insurance scheme contributions 1,243,731 1,134,900 Pension plan – defined contribution plan 84,330 93,625 Pension plan – defined benefit plan (Note 14) 482,153 557,575 Other costs 2,019,821 1,955,454 $ 18,788,208 18,487,577