Consolidated Annual Report 2019

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2019 20 5 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Consolidated Statement of Income For the year ended March 31, 2019 With comparative figures for 2018 (Expressed in Barbados dollars) Notes 2019 2018 Interest income 3 $ 104,657,383 101,056,083 Interest expense 3 (33,491,259) (32,165,647) Net interest income 3 71,166,124 68,890,436 Other income 4 5,889,753 6,129,104 Net interest and other income 77,055,877 75,019,540 Impairment loss on goodwill 17 (2,910,000) - Expected credit losses (2018 – impairment loss) 6 (4,151,448) (6,942,341) Net operating income 69,994,429 68,077,199 Staff costs 5 22,712,069 18,788,208 Operating expenses 7 25,948,555 26,239,113 Depreciation 14 5,779,966 4,751,513 Total expenses 54,440,590 49,778,834 Income before loss on derecognition of investments 15,553,839 18,298,365 Loss on derecognition of investments 12 (4,037,931) - Income before levies and taxation 11,515,908 18,298,365 Tax on assets 8 (799,800) (752,574) Income before taxation 10,716,108 17,545,791 Taxation 9 28,046 (178,787) Net income for the year $ 10,744,154 17,367,004 The accompanying notes form an integral part of these consolidated financial statements.