37
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2015
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Consolidated Financial Statements
For the year ended March 31, 2015
(Expressed in Barbados dollars)
24
3.
Net Interest Income
2015
2014
Interest income
Loans and advances
$ 76,893,379
73,108,355
Financial investments
1,676,025
1,142,636
Cash resources
2,360,547
3,653,139
80,929,951
77,904,130
Interest expense
Deposits
28,328,098 25,616,139
Loans payable
2,847,879
3,556,286
31,175,977
29,172,425
Net interest income
$ 49,753,974
48,731,705
4.
Other Income
2015
2014
Fee income
$
1,325,492
1,539,775
Legal income
1,016,349
863,695
Rental income
75,264
64,974
Bad debt recoveries
396,008
278,639
Insurance agency commissions
742,877
556,625
Dividend income
114,792
112,292
Realised gain on sale of investments
-
4,945
Gain (loss) on disposal of equipment
44,511
(15,774)
Lease income
2,260
13,560
Other
12,308
27,479
$ 3,729,861
3,446,210
5.
Staff Costs
2015
2014
$ 11,516,983 10,902,235
959,916
880,808
94,256
89,681
604,268
506,725
Salaries
National Insurance scheme contributions
Pension plan – defined contribution plan
Pension plan – defined benefit plan (Note 1
4
)
Other costs
1,459,486
1,235,263
$ 14,634,909
13,614,712
