36 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Consolidated Statement of Income For the year ended March 31, 2023 (expressed in Barbados dollars) 4 Notes 2023 $ 2022 $ Interest income 3 105,720,729 103,466,399 Interest expense 3 (26,965,840) (28,447,405) Net interest income 3 78,754,889 75,018,994 Other income 4 8,002,971 8,033,453 Net interest and other income 86,757,860 83,052,447 Expected credit losses 6 (6,823,575) (7,377,551) Net operating income 79,934,285 75,674,896 Staff costs 5 28,358,925 23,694,719 Operating expenses 7 36,376,296 32,869,950 Depreciation 14 6,614,139 6,892,860 Total expenses 71,349,360 63,457,529 Net income before levies and taxation 8,584,925 12,217,367 Tax on assets 8 (879,925) (993,068) Net income before taxation 7,705,000 11,224,299 Taxation 9 (59,950) (87,522) Net income for the year 7,645,050 11,136,777 The accompanying notes form an integral part of these consolidated financial statements.
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