36   CONSOLIDATED STATEMENT OF INCOME AND EXPENSES
            Rural and Cooperative Banking System
          for the periods indicated
          in billion pesos
Selected Accounts   COOPERATIVE BANKS
1999 2000  
1st 2nd 3rd 4th 1st 2nd 3rd 4th  
  Quarter Quarter Quarter Quarter   Quarter Quarter Quarter Quarter  
  OPERATING INCOME   0.119 0.217 0.374 0.488   0.105 0.208 0.329 0.453  
       Net Interest Income   0.060 0.096 0.163 0.215   0.046 0.084 0.138 0.195  
   
            Interest Income   0.139 0.277 0.436 0.575   0.138 0.266 0.416 0.567  
            Less: Interest Expense   0.079 0.182 0.273 0.361   0.092 0.182 0.278 0.373  
     
       Non-Interest Income   0.059 0.121 0.210 0.273   0.059 0.123 0.191 0.258  
                         
            Fee-based Income   0.039 0.081 0.123 0.165   0.043 0.087 0.133 0.178  
            Trading Income/(Loss)   0.000 0.000 0.000 (0.000)   0.000 0.000 0.000 0.002  
            Trust Department Income   0.000 0.000 0.000 0.000   0.000 0.000 0.000 0.000  
            Other Income/(Loss)   0.020 0.040 0.087 0.109   0.017 0.036 0.058 0.078  
  OPERATING EXPENSES   0.097 0.195 0.309 0.444   0.098 0.201 0.302 0.439  
        Bad Debts Written Off   0.000 0.001 0.002 0.001   0.000 0.000 0.000 0.000  
        Provisions for Probable Losses   0.002 0.005 0.005 0.009   0.001 0.002 0.004 0.006  
       Other Operating Expenses   0.095 0.190 0.302 0.434   0.097 0.199 0.298 0.432  
          Overhead Costs   0.064 0.128 0.195 0.267   0.066 0.136 0.204 0.290  
          Other Expenses   0.031 0.062 0.108 0.167   0.032 0.064 0.094 0.142  
                           
      NET OPERATING INCOME/(LOSS)   0.022 0.021 0.064 0.044   0.007 0.006 0.026 0.014  
         Extraordinary Credits/(Charges)   EXTRAORDINARY CREDITS/(CHARGES)   0.000 0.000 0.000 0.000   0.000 0.000 0.002 0.004  
      NET INCOME/(LOSS) BEFORE TAX   0.022 0.021 0.064 0.044   0.007 0.006 0.029 0.018  
         Provision for Income Tax   0.000 0.000 0.000 0.000   0.000 0.000 0.000 0.001  
      NET INCOME/(LOSS) AFTER TAX 0.022 0.021 0.064 0.044   0.007 0.006 0.028 0.017
                           
   Return on Assets (%)   (0.1) (0.9) 0.3 1.0   0.6 0.6 0.2 0.4  
   Return on Equity (%)    (0.5) (7.1) 2.8 8.5   5.8 6.0 1.5 3.1  
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