JPSCU AR 2018 finan web
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
STATEMENT OF COMPREHENSIVE INCOME<br />
For the year ended 31st December <strong>2018</strong><br />
(Expressed in Jamaican Dollars unless otherwise indicated)<br />
<strong>2018</strong> 2017<br />
Note $ $<br />
INTEREST INCOME:<br />
Liquid Assets 22,738,541 39,153,853<br />
Loans to Members 353,886,855 347,419,959<br />
Financial Investments 38,615,537 28,002,433<br />
415,240,933 414,576,245<br />
INTEREST EXPENSE:<br />
Interest Expense on Members' Voluntary Shares 17,304,095 22,649,108<br />
Savings Deposits<br />
62,007,820 79,776,117<br />
Other Financial Costs<br />
25 14,055,174 17,307,386<br />
93,367,089 119,732,611<br />
NET INTEREST INCOME 321,873,844 294,843,634<br />
Increase in Provision for Loan Impairment 7 15,119,579 4,761,725<br />
Increase in Provision for Investment Impairment 1,160,417 -<br />
NET INTEREST INCOME AFTER<br />
PROVISION 307,914,682 290,081,909<br />
NON-INTEREST INCOME<br />
Rental - investment property 7,854,452 7,326,803<br />
Net Fee Income 20,238,122 20,073,173<br />
Other 26 16,944,999 16,781,597<br />
GROSS INCOME 352,952,255 334,263,482<br />
Less Operating Expenses 27 281,332,628 292,302,612<br />
NET INCOME BEFORE HONOR<strong>AR</strong>IA 71,619,627 41,960,870<br />
Honoraria Payment - (2,062,500)<br />
NET INCOME AFTER HONOR<strong>AR</strong>IA 71,619,627 39,898,370<br />
OTHER COMPREHENSIVE INCOME<br />
Items that will never be classified to Profit or Loss:<br />
Minimum Business Tax (60,000) (60,000)<br />
Pension Income/(Expense) 13 8,448,000 (5,150,000)<br />
TOTAL COMPREHENSIVE INCOME AFTER HONOR<strong>AR</strong>IA 80,007,627 34,688,370<br />
The accompanying notes form an integral part of the <strong>finan</strong>cial statements.<br />
9 Annual Report <strong>2018</strong>
Change language