7   CONSOLIDATED STATEMENT OF INCOME AND EXPENSES
		Philippine Banking System
		for the periods indicated
		in billion pesos
Selected Accounts
			UNIVERSAL AND COMMERCIAL BANKS
			2001					2002
			1st	2nd	3rd	4th		1st	2nd	3rd	4th
			Quarter	Quarter	Quarter	Quarter		Quarter	Quarter	Quarter	Quarter
	OPERATING INCOME		32.134	63.231	92.938	123.096		33.559	72.378	107.869	142.018
	Net Interest Income		19.570	40.164	58.632	77.985		18.297	40.323	59.849	80.820
		Interest Income	57.936	113.581	165.070	216.589		45.252	88.377	128.641	168.694
		Less: Interest Expense	38.366	73.417	106.438	138.604		26.955	48.054	68.792	87.874
	Non-Interest Income		12.564	23.067	34.306	45.111		15.262	32.055	48.020	61.198
		Fee-based Income	4.018	8.356	12.605	17.235		3.887	8.460	13.285	18.138
		Trading Income/(Loss)	6.145	9.855	14.366	18.384		9.124	18.535	26.851	32.724
		Trust Department Income	0.566	1.211	1.905	2.543		0.683	1.477	2.386	3.286
		Other Income/(Loss)	1.835	3.645	5.430	6.949		1.568	3.583	5.498	7.050
	OPERATING EXPENSES		28.281	59.094	89.294	117.150		28.360	60.420	90.624	122.071
		Bad Debts Written Off	0.045	0.071	0.072	0.002		0.046	0.050	0.059	0.026
		Provisions	5.142	11.531	17.789	22.038		4.566	11.558	17.657	23.995
		Othe Operating Expenses	23.094	47.492	71.433	95.110		23.748	48.812	72.908	98.050
		Overhead Costs	15.517	31.346	46.873	62.516		16.375	33.255	49.294	65.697
		Other Expenses	7.577	16.146	24.560	32.594		7.373	15.557	23.614	32.353
		NET OPERATING INCOME (LOSS)	3.853	4.137	3.644	5.946		5.199	11.958	17.245	19.947
		EXTRAORDINARY CREDITS/(CHARGES)	2.339	4.322	6.733	8.430		1.409	2.627	4.094	5.320
		NET INCOME/(LOSS) BEFORE TAX	6.192	8.459	10.377	14.376		6.608	14.585	21.339	25.267
		Provision for Income Tax	1.586	1.729	2.473	1.131		1.012	1.487	1.991	0.846
		NET INCOME/(LOSS) AFTER TAX	4.606	6.730	7.904	13.245		5.596	13.098	19.348	24.421
	Return on Assets (%)		0.5	0.5	0.4	0.5		0.5	0.7	0.8	0.8
	Return on Equity (%)		3.6	3.5	3.2	3.4		3.6	5.0	6.2	6.1
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