Non-Consolidated Annual Report 2018

44 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2018 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2018 (Expressed in Barbados dollars) 29 3. Net Interest Income 2018 2017 Interest income Loans and advances $ 83,434,300 77,932,795 Financial investments 2,064,817 2,065,837 Cash resources 1,090,249 1,364,199 $ 86,589,366 81,362,831 Interest expense Deposits $ 25,089,206 25,657,769 Loans payable 61,730 514,656 25,150,936 26,172,425 Net interest income $ 61,438,430 55,190,406 4. Other Income 2018 2017 Fee income $ 1,428,734 1,543,257 Legal income 942,256 1,239,028 Rental income 48,572 67,757 Bad debt recoveries 1,755,487 1,002,364 Dividend income 101,022 103,923 Gain on disposal of property and equipment 40,300 8,786 $ 4,316,371 3,965,115 5. Staff Costs 2018 2017 Salaries $ 13,019,605 12,547,522 National Insurance Scheme contributions 1,080,679 979,517 Pension plan – defined benefit plan (Note 12) 482,153 557,575 Other costs 1,805,223 1,746,498 $ 16,387,660 15,831,112