Credit Union Annual Report 2022 - Flipbook - Page 41
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
2022
2021
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 members’ deposits (Note 8)
Interest expense on lease liability (Note 6)
Net interest income
18,812,301
526,915
363,994
19,703,210
$
(54,125)
(5,903)
19,643,182
(Increase)/Decrease in provision for loan losses and interest receivables
(Note 5)
(57,888)
(5,794)
17,779,548
(167,692)
Net interest income after provision for loan losses
17,302,524
273,086
267,620
17,843,230
453,519
19,475,490
18,233,067
Non-interest income
Change in unrealized gain/(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 income (Note 25)
Total non-interest income
162,850
(14,353)
—
131,660
146,815
885,701
1,312,673
Non-interest expenses
Salaries and other personnel costs (Notes 18 and 19)
Members’ 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
6,102,548
—
878,353
396,868
41,192
471,214
151,700
349
36,029
389,411
49,202
21,376
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
Total non-interest expenses
8,538,242
8,143,154
Net income for the year, being net comprehensive income for the year
$
12,249,921
The accompanying notes are an integral part of these financial statements.
-5-
(44,266)
(31,600)
(97,159)
125,837
77,291
505,868
535,971
$
10,625,884
