36   CONSOLIDATED STATEMENT OF INCOME AND EXPENSES
            Rural and Cooperative Banking System
          for the periods indicated
          in billion pesos
Selected Accounts RURAL BANKS
1999 2000  
1st 2nd 3rd 4th 1st 2nd 3rd 4th  
  Quarter Quarter Quarter Quarter   Quarter Quarter Quarter Quarter  
  OPERATING INCOME   1.352 2.731 4.214 5.702   1.389 2.891 4.376 5.812  
       Net Interest Income   0.828 1.677 2.606 3.552   0.862 1.803 2.789 3.762  
   
            Interest Income   1.919 3.864 5.831 7.690   1.788 3.672 5.590 7.595  
            Less: Interest Expense   1.090 2.187 3.225 4.138   0.926 1.869 2.801 3.833  
     
       Non-Interest Income   0.524 1.054 1.608 2.150   0.527 1.088 1.587 2.050  
                         
            Fee-based Income   0.319 0.653 0.987 1.289   0.334 0.683 1.045 1.403  
            Trading Income/(Loss)   0.002 0.004 0.005 0.009   0.002 0.004 0.027 0.046  
            Trust Department Income   0.000 0.000 0.000 0.000   0.000 0.000 0.000 0.000  
            Other Income/(Loss)   0.202 0.396 0.616 0.852   0.190 0.401 0.515 0.601  
     
  OPERATING EXPENSES   1.169 2.393 3.604 4.978   1.136 2.376 3.645 5.108  
        Bad Debts Written Off   0.002 0.009 0.017 0.022   0.001 0.004 0.028 0.030  
        Provisions for Probable Losses   0.044 0.119 0.175 0.213   0.024 0.050 0.080 0.116  
       Other Operating Expenses   1.124 2.266 3.412 4.743   1.111 2.321 3.538 4.963  
          Overhead Costs   0.769 1.564 2.348 3.247   0.759 1.592 2.405 3.405  
          Other Expenses   0.354 0.702 1.064 1.496   0.352 0.729 1.134 1.558  
                           
      NET OPERATING INCOME/(LOSS)   0.183 0.338 0.609 0.725   0.253 0.515 0.730 0.703  
         Extraordinary Credits/(Charges)   EXTRAORDINARY CREDITS/(CHARGES)   0.002 0.004 0.006 0.012   0.001 0.002 0.127 0.357  
      NET INCOME/(LOSS) BEFORE TAX   0.185 0.342 0.615 0.736   0.254 0.517 0.857 1.060  
         Provision for Income Tax   0.028 0.064 0.108 0.136   0.034 0.073 0.127 0.167  
      NET INCOME/(LOSS) AFTER TAX 0.157 0.277 0.507 0.600   0.220 0.444 0.730 0.893  
                           
   Return on Assets (%)   1.0 0.9 1.0 1.1   1.2 1.4 1.4 1.5  
   Return on Equity (%)    6.6 5.9 6.3 6.7   7.3 8.3 8.6 9.2  
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