42 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, 2025 (expressed in Barbados dollars) 4 Notes 2025 $ 2024 $ Interest income 3 99,961,026 101,450,924 Interest expense 3 (22,851,933) (24,908,253) Net interest income 3 77,109,093 76,542,671 Other income 4 14,386,866 14,723,993 Net interest and other income 91,495,959 91,266,664 Expected credit losses 6 (821,718) (3,001,957) Net operating income 90,674,241 88,264,707 Staff costs 5 30,901,739 27,675,664 Operating expenses 7 46,625,425 43,289,516 Depreciation 14 5,953,416 6,133,500 Total expenses 83,480,580 77,098,680 Net income before levies and taxation 7,193,661 11,166,027 Tax on assets 8 (1,014,502) (960,000) Net income before taxation 6,179,159 10,206,027 Taxation 9 (160,720) (95,000) Net income for the year 6,018,439 10,111,027 The accompanying notes form an integral part of these consolidated financial statements.
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