38 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, 2024 (expressed in Barbados dollars) 4 Notes 2024 $ 2023 $ Interest income 3 87,099,001 88,928,158 Interest expense 3 (19,644,110) (21,272,682) Net interest income 3 67,454,891 67,655,476 Other income 4 5,663,328 4,866,655 Net interest and other income 73,118,219 72,522,131 Reversal of impairment on investment in subsidiary 14 – 1,307,400 Expected credit losses 5 (2,675,729) (4,765,757) Net operating income 70,442,490 69,063,774 Staff costs 6 23,849,756 23,892,216 Operating expenses 7 34,074,066 31,494,001 Depreciation 12 3,698,210 4,275,974 Total expenses 61,622,032 59,662,191 Net income for the year 8,820,458 9,401,583 The accompanying notes form an integral part of these separate financial statements.
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