Consolidated Annual Report 2018

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2018 89 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) 74 Details of Consolidated Statement of Income Barbados Public Workers Co-operative Credit Union Limited and Its Subsidiaries 2017 BPWCCUL BPWFHI CAPITA FSI Eliminations Total Income: Interest on loans 3 $ 77,932,795 - 13,461,601 - 91,394,396 Interest on investment 3 3,430,036 5,437 1,004,423 (592,092) 3,847,804 Total Interest Income 81,362,831 5,437 14,466,024 (592,092) 95,242,200 Interest Expense: Interest on deposits 3 25,657,769 - 7,299,180 (592,092) 32,364,857 Interest on investment 3 514,656 - 520,014 - 1,034,670 Total Interest Expenses 26,172,425 - 7,819,194 (592,092) 33,399,527 Net Interest Income 55,190,406 5,437 6,646,830 - 61,842,673 Provision for loan loss 4,645,234 - 387,207 - 5,032,441 50,545,172 5,437 6,259,623 - 56,810,232 Non Interest Income: Fees and commissions 3,965,115 898,110 1,839,718 (1,099,057) 5,603,886 54,510,287 903,547 8,099,341 (1,099,057) 62,414,118 Compensation and benefits 16,642,916 89,971 2,817,235 - 19,550,122 Occupancy and operations 12,480,666 1,240,544 2,528,427 (1,099,057) 15,150,580 Professional fees 1,162,458 77,100 625,134 - 1,864,692 Members security and social benefits 4,301,279 9,227 - - 4,310,506 Promotions and other 3,906,468 - 865,553 - 4,772,021 Net income before taxes and levies 16,016,500 (513,295) 1,262,992 (1,099,057) 16,766,197 Taxes and levies - - 813,315 - 813,315 Net income after taxes and levies $ 16,016,500 (513,295) 449,677 - 15,952,882