16 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED The Group’s net interest margin as a percentage of average assets declined marginally to 3.92 percent as at March 31, 2024 compared to 4.06 percent at March 31, 2023. The Group’s levies on assets increased moderately by $80.1 thousand or 9.1 percent, while corporation taxes declined by $35.1 thousand or 58 percent. Net income after tax and levies for the year totaled $10.1 million compared to $7.6 million for the year ended March 31, 2023. Consolidated Financial Statement Highlights Revenues: The Group earned total interest revenue of $101.5 million (2023 - $105.7 million) for the financial year ended March 31, 2024, representing a decrease of $4.2 million or 4.0 percent over the prior year. Deposit cost in the form of interest expense declined by $2.0 million or 7.4 percent to move from $27.0 million in 2023 to $25.0 million in 2024, as deposits continue to reprice at lower rates. Consequently, net interest income moved from $78.8 million in 2023 to $76.5 million in 2024. This represented a decrease of $2.3 million or 2.8 percent over that of the prior year. For the period under review total income was reported at $116.2 million (2023- $113.7 million) representing a $2.5 million (2023- $2.2 million) or 2.2 (2023- 2.0 percent) increase. Net income: The Group’s consolidated net income before levies and taxes was recorded at $11.2 (2023 - $8.6) million at March 31, 2024. Operating Expenses: Total operating expenses inclusive of taxes increased from $76.5 million in 2023 to $78.2 million in 2024 primarily driven by a 10 percent, or $590.1 thousand increase in repairs and maintenance and a 31 percent or $767 thousand increase in legal and professional fees. Staff cost for the year stood at $27.7 million representing a decrease over the prior year of $683 thousand or 2.4 percent. Assets: Total assets of the Group stood at $1.96 billion at March 31, 2024. This represented an increase of $15.4 (2023 - $13.7) million or 0.8 (2023 - 0.7) percent over the previous year. At March 31, 2024, the Group’s consolidated net loans and advances stood at $1.4 billion, a decrease of $30.8 million or 2.2 percent over the prior year. Home ownership remains a significant milestone within the lives of our members as evident in the continued growth noted within the mortgage portfolio of the Net Income Net Income Net Income Loans to members Loans to Members Deposits Total Assets Loans to members 2 Total Assets Management Discussion &Analysis (MD&A) (Continued)
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