Non-Consolidated Annual Report 2018

20 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2018 5 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Non-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 $ 86,589,366 81,362,831 Interest expense 3 (25,150,936) (26,172,425) Net interest income 3 61,438,430 55,190,406 Other income 4 4,316,371 3,965,115 Net interest and other income 65,754,801 59,155,521 Loan impairment expense 10 (6,535,134) (4,645,234) Net operating income 59,219,667 54,510,287 Staff costs 5 16,387,660 15,831,112 Operating expenses 6 21,641,432 19,257,277 Depreciation 11 4,593,878 3,405,398 Total expenses 42,622,970 38,493,787 Net income for the year $ 16,596,697 16,016,500 The accompanying notes form an integral part of these non-consolidated financial statements.