BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2021 32 5 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Consolidated Statement of Income For the year ended March 31, 2021 With comparative figures for 2020 (Expressed in Barbados dollars) Notes 2021 2020 Interest income 3 $ 100,003,581 106,306,987 Interest expense 3 (29,752,481) (30,956,989) Net interest income 3 70,251,100 75,349,998 Other income 4 6,336,558 6,883,366 Net interest and other income 76,587,658 82,233,364 Expected credit losses 6 (10,071,106) (6,445,239) Net operating income 66,516,552 75,788,125 Staff costs 5 21,768,786 23,499,481 Operating expenses 7 27,500,261 26,036,537 Depreciation 14 6,662,394 6,846,652 Total expenses 55,931,441 56,382,670 Net income before levies and taxation 10,585,111 19,405,455 Tax on assets 8 (960,711) (842,378) Net income before taxation 9,624,400 18,563,077 Taxation 9 (98,232) (168,392) Net income for the year $ 9,526,168 18,394,685 The accompanying notes form an integral part of these consolidated financial statements.
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