Separate Annual Report 2021

28 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2021 5 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Separate 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 $ 83,591,461 89,896,942 Interest expense 3 (23,176,617) (23,546,849) Net interest income 3 60,414,844 66,350,093 Other income 4 3,721,243 4,511,788 Net interest and other income 64,136,087 70,861,881 Expected credit losses 5 (9,247,176) (6,122,757) Net operating income 54,888,911 64,739,124 Staff costs 6 18,547,866 20,199,992 Operating expenses 7 23,907,919 22,455,070 Depreciation 12 4,413,406 4,992,113 Total expenses 46,869,191 47,647,175 Profit for the year $ 8,019,720 17,091,949 The accompanying notes form an integral part of these separate financial statements.