Credit Union Annual Report 2021 V2 - Flipbook - Page 39
THE CAYMAN ISLANDS CIVIL SERVICE ASSOCIATION (CICSA)
CO-OPERATIVE CREDIT UNION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
(Expressed in Cayman Islands Dollars)
Year Ended July 31
2021
2020
Interest income
Interest on loans (Note 24)
Bank deposit interest (Note 3)
Service fees – cash advances (Note 16)
Total interest income
$
Interest expense
Interest expense on member deposits (Note 8)
Interest expense on lease liability (Note 6)
Net interest income
17,302,524
273,086
267,620
17,843,230
$
(57,888)
(5,794)
17,779,548
Decrease/(increase) in provision for loan losses and interest receivables
(Note 5)
(95,658)
(2,480)
18,149,454
453,519
Net interest income after provision for loan losses
(601,701)
18,233,067
Non-interest income
Change in unrealized loss of securities (Note 4)
Realized loss on repossessed collateral (Note 5)
Unrealized loss on repossessed collateral (Note 5)
Dividend income (Note 4)
Recovery of loans previously written off (Note 5)
Other
Total non-interest income
17,494,684
414,007
338,901
18,247,592
17,547,753
(44,266)
(31,600)
(97,159)
125,837
77,291
505,868
535,971
(231,746)
–
(212,352)
118,525
66,131
408,724
149,282
Non-interest expenses
Salaries and other personnel costs (Notes 18 and 19)
Member beneficiary benefits (Note 17)
General and administrative
Depreciation on assets (Note 6)
Depreciation on right of use assets (Note 6)
Premises costs (Note 20)
Audit fees
CCCU & WOCCU convention
Annual general meeting
Computer expenses
Bank charges
International Credit Union Day
5,656,949
418,871
653,570
357,867
30,792
470,943
103,984
12,872
38,011
358,897
19,814
20,584
5,110,266
271,322
588,523
332,457
7,292
365,424
98,900
3,259
44,655
265,855
12,576
33,647
Total non-interest expenses
8,143,154
7,134,176
Net income for the year, being net comprehensive income for the year
$
10,625,884
The accompanying notes are an integral part of these financial statements.
-4-
$
10,562,859