BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2020 22 5 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED 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 $ 106,306,987 104,657,383 Interest expense 3 (30,956,989) (33,491,259) Net interest income 3 75,349,998 71,166,124 Other income 4 6,883,366 5,889,753 Net interest and other income 82,233,364 77,055,877 Impairment loss on goodwill 17 - (2,910,000) Expected credit losses 6 (6,445,239) (4,151,448) Net operating income 75,788,125 69,994,429 Staff costs 5 23,499,481 22,712,069 Operating expenses 7 26,036,537 25,948,555 Depreciation 14 6,846,652 5,779,966 Total expenses 56,382,670 54,440,590 Income before loss on derecognition of investments 19,405,455 15,553,839 Loss on derecognition of investments 12 - (4,037,931) Income before levies and taxation 19,405,455 11,515,908 Tax on assets 8 (842,378) (799,800) Income before taxation 18,563,077 10,716,108 Taxation 9 (168,392) 28,046 Net income for the year $ 18,394,685 10,744,154 The accompanying notes form an integral part of these consolidated financial statements.
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