32 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Separate Statement of Income For the year ended March 31, 2023 (expressed in Barbados dollars) 4 Notes 2023 $ 2022 $ Interest income 3 88,928,158 86,601,215 Interest expense 3 (21,272,682) (22,138,818) Net interest income 3 67,655,476 64,462,397 Other income 4 4,866,655 4,579,702 Net interest and other income 72,522,131 69,042,099 Reversal of impairment on investment in subsidiary 14 1,307,400 – Expected credit losses 5 (4,765,757) (6,498,336) Net operating income 69,063,774 62,543,763 Staff costs 6 23,892,216 19,540,859 Operating expenses 7 31,494,001 28,227,298 Depreciation 12 4,275,974 4,508,769 Total expenses 59,662,191 52,276,926 Net income for the year 9,401,583 10,266,837 The accompanying notes form an integral part of these separate financial statements.
RkJQdWJsaXNoZXIy MTA2MDM=