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
2001 2002  
1st 2nd 3rd 4th 1st 2nd 3rd 4th  
Quarter Quarter Quarter Quarter   Quarter Quarter Quarter Quarter  
  OPERATING INCOME 1.571 3.176 4.925 6.887   1.679 3.552 5.551 7.699  
       Net Interest Income 1.001 2.006 3.140 4.411   1.084 2.273 3.549 5.027  
   
            Interest Income 2.089 4.215 6.412 8.840   2.157 4.455 6.800 9.354  
            Less: Interest Expense 1.088 2.209 3.272 4.429   1.073 2.182 3.251 4.327  
     
       Non-Interest Income 0.570 1.170 1.785 2.476   0.595 1.279 2.002 2.672  
                       
          Fee-based Income 0.403 0.835 1.294 1.736   0.437 0.933 1.433 1.927  
          Trading Income/(Loss) 0.015 0.030 0.034 0.044   0.007 0.017 0.031 0.039  
          Trust Department Income 0.000 0.000 0.000 0.000   0.000 0.000 0.000 0.000  
          Other Income/(Loss) 0.152 0.305 0.457 0.696   0.151 0.329 0.538 0.706  
  OPERATING EXPENSES 1.312 2.734 4.179 6.003   1.429 3.033 4.705 6.805  
        Bad Debts Written Off 0.004 0.007 0.021 0.037   0.003 0.007 0.056 0.048  
        Provisions for Probable Losses 0.025 0.053 0.092 0.106   0.029 0.075 0.145 0.168  
       Other Operating Expenses 1.283 2.674 4.066 5.860   1.397 2.951 4.504 6.589  
          Overhead Costs 0.870 1.830 2.788 3.995   0.947 1.998 3.062 4.484  
          Other Expenses 0.413 0.844 1.278 1.865   0.450 0.953 1.442 2.105  
                         
      NET OPERATING INCOME / (LOSS) 0.259 0.442 0.746 0.884   0.250 0.519 0.846 0.894  
         Extraordinary Credits/(Charges)   EXTRAORDINARY CREDITS/(CHARGES) 0.054 0.141 0.231 0.350   0.092 0.181 0.277 0.420  
      NET INCOME/(LOSS) BEFORE TAX 0.313 0.583 0.977 1.234   0.342 0.700 1.123 1.314  
         Provision for Income Tax 0.034 0.075 0.121 0.176   0.041 0.085 0.134 0.200  
      NET INCOME/(LOSS) AFTER TAX 0.279 0.508 0.856 1.058 0.301 0.615 0.989 1.114
                         
   Return on Assets (%)  1.5 1.5 1.5 1.6   1.5 1.6 1.6 1.5  
   Return on Equity (%)   9.2 9.1 9.1 9.4   9.3 10.0 9.7 8.9  
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