36   CONSOLIDATED STATEMENT OF INCOME AND EXPENSES 
             Rural and Cooperative Banking System
           for the periods indicated
           in billion pesos
Selected Accounts RURAL BANKS
2001 2002  
1st 2nd 3rd 4th 1st 2nd 3rd 4th  
Quarter Quarter Quarter Quarter   Quarter Quarter Quarter Quarter  
  OPERATING INCOME 1.455 2.936 4.533 6.371   1.540 3.251 5.105 7.091  
       Net Interest Income 0.949 1.897 2.937 4.145   1.009 2.112 3.318 4.713  
   
            Interest Income 1.939 3.908 5.970 8.250   2.001 4.119 6.307 8.682  
            Less: Interest Expense 0.990 2.011 3.033 4.105   0.992 2.007 2.989 3.969  
     
       Non-Interest Income 0.506 1.039 1.596 2.226   0.531 1.139 1.787 2.378  
                       
            Fee-based Income 0.357 0.740 1.148 1.543   0.388 0.828 1.269 1.704  
            Trading Income/(Loss) 0.015 0.030 0.034 0.043   0.007 0.017 0.031 0.037  
            Trust Department Income 0.000 0.000 0.000 0.000   0.000 0.000 0.000 0.000  
            Other Income/(Loss) 0.134 0.269 0.414 0.640   0.136 0.294 0.487 0.637  
                       
  OPERATING EXPENSES 1.206 2.519 3.863 5.561   1.321 2.801 4.350 6.287  
        Bad Debts Written Off 0.004 0.007 0.020 0.034   0.003 0.006 0.055 0.044  
        Provisions for Probable Losses 0.023 0.049 0.083 0.096   0.027 0.071 0.139 0.161  
       Other Operating Expenses 1.179 2.463 3.760 5.431   1.291 2.724 4.156 6.082  
          Overhead Costs 0.796 1.681 2.569 3.695   0.871 1.836 2.814 4.129  
          Other Expenses 0.383 0.782 1.191 1.736   0.420 0.888 1.342 1.953  
                         
      NET OPERATING INCOME/(LOSS) 0.249 0.417 0.670 0.810   0.219 0.450 0.755 0.804  
         Extraordinary Credits/(Charges)   EXTRAORDINARY CREDITS/(CHARGES) 0.052 0.136 0.225 0.342   0.090 0.177 0.269 0.407  
      NET INCOME/(LOSS) BEFORE TAX 0.301 0.553 0.895 1.152   0.309 0.627 1.024 1.211  
         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 0.267 0.478 0.774 0.976   0.268 0.542 0.890 1.011  
                         
   Return on Assets (%)  1.6 1.5 1.5 1.5   1.5 1.5 1.6 1.4  
   Return on Equity (%)   9.5 9.2 9.0 9.2   9.0 9.6 9.5 8.7  
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