44 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, 2024 (expressed in Barbados dollars) 4 Notes 2024 $ 2023 $ Interest income 3 101,450,924 105,720,729 Interest expense 3 (24,908,253) (26,965,840) Net interest income 3 76,542,671 78,754,889 Other income 4 14,723,993 12,246,262 Net interest and other income 91,266,664 91,001,151 Expected credit losses 6 (3,001,957) (6,823,575) Net operating income 88,264,707 84,177,576 Staff costs 5 27,675,664 28,358,925 Operating expenses 7 43,289,516 40,619,587 Depreciation 14 6,133,500 6,614,139 Total expenses 77,098,680 75,592,651 Net income before levies and taxation 11,166,027 8,584,925 Tax on assets 8 (960,000) (879,925) Net income before taxation 10,206,027 7,705,000 Taxation 9 (95,000) (59,950) Net income for the year 10,111,027 7,645,050 The accompanying notes form an integral part of these consolidated financial statements.
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