7   CONSOLIDATED STATEMENT OF INCOME AND EXPENSES
		Philippine Banking System
		for the periods indicated
		in billion pesos
Selected Accounts
				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		0.046	0.124	0.181	0.222		0.025	0.052	0.083	0.122
		Othe 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)		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 and Studies Office, Supervision and Examination Sector
Updated as of 12 March 2004