BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2015
32
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2015
(Expressed in Barbados dollars)
20
3.
Net Interest Income
2015
2014
Interest income
Loans and advances
$ 65,504,246
63,592,246
Financial investments
1,676,025
1,142,636
Cash resources
1,970,695
2,751,586
$ 69,150,966
67,486,468
Interest expense
Deposits
$ 22,725,612
20,993,802
Loans payable
1,985,943
2,769,469
24,711,555
23,763,271
Net interest income
$ 44,439,411
43,723,197
4.
Other Income
2015
2014
Fee income
$
955,577
1,107,733
Legal income
1,016,349
863,695
Rental income
75,264
64,974
Bad debt recoveries
396,008
278,639
Dividend income
108,288
103,820
Gain (loss) on disposal of equipment
14,801
(312)
$ 2,566,287
2,418,549
5.
Staff Costs
2015
2014
Salaries
$
9,854,658
9,605,649
National Insurance Scheme contributions
866,057
796,961
Pension plan – defined benefit plan (Note 13)
604,268
506,725
Other costs
1,336,340
1,144,628
$ 12,661,323
12,053,963
