Non-Consolidated Annual Report 2020

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 22 5 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Non-consolidated Statement of Income For the year ended March 31, 2020 With comparative figures for 2019 (Expressed in Barbados dollars) Notes 2020 2019 Interest income 3 $ 89,896,942 89,383,131 Interest expense 3 (23,546,849) (26,140,047) Net interest income 3 66,350,093 63,243,084 Other income 4 4,511,788 3,771,928 Net interest and other income 70,861,881 67,015,012 Expected credit losses 5 (6,122,757) (3,770,600) Impairment loss on subsidiary 14 - (1,307,400) Net operating income 64,739,124 61,937,012 Staff costs 6 20,199,992 20,046,950 Operating expenses 7 22,455,070 21,491,996 Depreciation 12 4,992,113 4,801,208 Total expenses 47,647,175 46,340,154 Net income before loss on derecognition of investments 17,091,949 15,596,858 Loss on derecognition of investments 10 (ii) - (3,634,651) $ 17,091,949 11,962,207 Net income for the year The accompanying notes form an integral part of these non-consolidated financial statements.