7   CONSOLIDATED STATEMENT OF INCOME AND EXPENSES
		Philippine Banking System
		for the periods indicated
		in billion pesos
Selected Accounts
			ALL BANKS
			2001					2002
			1st	2nd	3rd	4th		1st	2nd	3rd	4th
			Quarter	Quarter	Quarter	Quarter		Quarter	Quarter	Quarter	Quarter
	OPERATING INCOME		36.539	72.461	107.050	142.247		38.391	82.370	123.736	164.168
	Net Interest Income		22.666	46.585	68.591	91.574		21.356	47.219	70.941	96.729
		Interest Income	65.973	129.498	188.746	248.441		52.483	103.296	150.806	198.352
		Less: Interest Expense	43.307	82.913	120.155	156.867		31.127	56.077	79.865	101.623
	Non-Interest Income		13.873	25.876	38.459	50.673		17.035	35.151	52.795	67.439
		Fee-based Income	4.845	10.003	15.183	20.792		4.778	10.352	16.094	21.854
		Trading Income/(Loss)	6.231	10.058	14.651	18.735		9.393	18.988	27.548	33.758
		Trust Department Income	0.581	1.242	1.953	2.606		0.704	1.527	2.449	3.378
		Other Income/(Loss)	2.216	4.573	6.672	8.540		2.160	4.284	6.704	8.449
	OPERATING EXPENSES		33.034	68.854	104.248	137.754		33.250	70.491	106.272	142.840
		Bad Debts Written Off	0.049	0.079	0.093	0.040		0.049	0.057	0.116	0.075
		Provisions	5.350	12.005	18.508	22.956		4.772	12.162	18.837	25.500
		Othe Operating Expenses	27.635	56.770	85.647	114.758		28.429	58.272	87.319	117.265
		Overhead Costs	18.567	37.551	56.255	75.459		19.451	39.324	58.762	78.440
		Other Expenses	9.068	19.219	29.392	39.299		8.978	18.948	28.557	38.825
		NET OPERATING INCOME (LOSS)	3.505	3.607	2.802	4.493		5.141	11.879	17.464	21.328
		EXTRAORDINARY CREDITS/(CHARGES)	2.810	5.372	8.513	11.362		1.970	3.953	5.808	6.121
		NET INCOME/(LOSS) BEFORE TAX	6.315	8.979	11.315	15.855		7.111	15.832	23.272	27.449
		Provision for Income Tax	1.703	1.963	2.827	1.672		1.131	1.743	2.280	1.259
		NET INCOME/(LOSS) AFTER TAX	4.612	7.016	8.488	14.183		5.980	14.089	20.992	26.190
	Return on Assets (%)		0.5	0.4	0.4	0.4		0.5	0.6	0.8	0.8
	Return on Equity (%)		3.1	3.1	3.0	3.2		3.4	4.7	5.9	5.8
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