BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2022 36 4 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Consolidated Statement of Income For the year ended March 31, 2022 With comparative figures for the year ended 2021 (Expressed in Barbados dollars) Notes 2022 2021 Interest income 3 $ 103,466,399 100,003,581 Interest expense 3 (28,447,405) (29,752,481) Net interest income 3 75,018,994 70,251,100 Other income 4 8,033,453 6,336,558 Net interest and other income 83,052,447 76,587,658 Expected credit losses 6 (7,377,551) (10,071,106) Net operating income 75,674,896 66,516,552 Staff costs 5 23,694,719 21,768,786 Operating expenses 7 32,869,950 27,500,261 Depreciation 14 6,892,860 6,662,394 Total expenses 63,457,529 55,931,441 Net income before levies and taxation 12,217,367 10,585,111 Tax on assets 8 (993,068) (960,711) Net income before taxation 11,224,299 9,624,400 Taxation 9 (87,522) (98,232) Net income for the year $ 11,136,777 9,526,168 The accompanying notes form an integral part of these consolidated financial statements.
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