36   CONSOLIDATED STATEMENT OF INCOME AND EXPENSES
            Rural and Cooperative Banking System
          for the periods indicated
          in billion pesos
Selected Accounts   TOTAL RURAL AND COOPERATIVE BANKS
1999 2000  
1st 2nd 3rd 4th 1st 2nd 3rd 4th  
  Quarter Quarter Quarter Quarter   Quarter Quarter Quarter Quarter  
  OPERATING INCOME   1.472 2.948 4.587 6.190   1.494 3.099 4.704 6.265  
       Net Interest Income   0.888 1.773 2.769 3.767   0.908 1.887 2.926 3.956  
   
            Interest Income   2.057 4.141 6.267 8.265   1.926 3.938 6.006 8.162  
            Less: Interest Expense   1.169 2.368 3.497 4.498   1.018 2.050 3.079 4.206  
     
       Non-Interest Income   0.583 1.175 1.818 2.423   0.586 1.211 1.778 2.308  
                         
          Fee-based Income   0.358 0.734 1.110 1.454   0.377 0.770 1.178 1.581  
          Trading Income/(Loss)   0.002 0.004 0.005 0.009   0.002 0.004 0.027 0.048  
          Trust Department Income   0.000 0.000 0.000 0.000   0.000 0.000 0.000 0.000  
          Other Income/(Loss)   0.223 0.437 0.703 0.961   0.207 0.437 0.573 0.679  
  OPERATING EXPENSES   1.266 2.589 3.914 5.422   1.234 2.577 3.948 5.547  
        Bad Debts Written Off   0.002 0.010 0.019 0.023   0.001 0.004 0.028 0.030  
        Provisions for Probable Losses   0.046 0.124 0.181 0.222   0.025 0.052 0.083 0.122  
       Other Operating Expenses   1.218 2.455 3.714 5.177   1.208 2.521 3.837 5.396  
          Overhead Costs   0.833 1.692 2.542 3.514   0.824 1.728 2.609 3.695  
          Other Expenses   0.385 0.764 1.172 1.663   0.384 0.793 1.228 1.701  
                           
      NET OPERATING INCOME / (LOSS)   0.205 0.359 0.674 0.769   0.260 0.522 0.756 0.717  
         Extraordinary Credits/(Charges)   EXTRAORDINARY CREDITS/(CHARGES)   0.002 0.004 0.006 0.012   0.001 0.002 0.129 0.361  
      NET INCOME/(LOSS) BEFORE TAX   0.207 0.363 0.679 0.780   0.261 0.524 0.885 1.078  
         Provision for Income Tax   0.028 0.064 0.108 0.136   0.034 0.073 0.128 0.168  
      NET INCOME/(LOSS) AFTER TAX 0.179 0.299 0.571 0.645   0.227 0.450 0.758 0.910
                           
   Return on Assets (%)   1.0 0.8 1.0 1.1   1.1 1.3 1.3 1.5  
   Return on Equity (%)    6.2 5.2 6.1 6.8   7.2 8.2 8.2 8.8  
Note: Details may not add up to totals due to rounding-off
Source : Supervisory Reports & Studies Office, Supervision and Examination Sector
Updated as of 12 March 2004