7   CONSOLIDATED STATEMENT OF INCOME AND EXPENSES
		Philippine Banking System
		for the periods indicated
		in billion pesos
Selected Accounts
			THRIFT BANKS
			2001					2002
			1st	2nd	3rd	4th		1st	2nd	3rd	4th
			Quarter	Quarter	Quarter	Quarter		Quarter	Quarter	Quarter	Quarter
	OPERATING INCOME		2.834	6.054	9.187	12.264		3.153	6.440	10.316	14.451
	Net Interest Income		2.095	4.415	6.819	9.178		1.975	4.623	7.543	10.882
		Interest Income	5.948	11.702	17.264	23.012		5.074	10.464	15.365	20.304
		Less: Interest Expense	3.853	7.287	10.445	13.834		3.099	5.841	7.822	9.422
	Non-Interest Income		0.739	1.639	2.368	3.086		1.178	1.817	2.773	3.569
		Fee-based Income	0.424	0.812	1.284	1.821		0.454	0.959	1.376	1.789
		Trading Income/(Loss)	0.071	0.173	0.251	0.307		0.262	0.436	0.666	0.995
		Trust Department Income	0.015	0.031	0.048	0.063		0.021	0.050	0.063	0.092
		Other Income/(Loss)	0.229	0.623	0.785	0.895		0.441	0.372	0.668	0.693
	OPERATING EXPENSES		3.441	7.026	10.775	14.601		3.461	7.038	10.943	13.964
		Bad Debts Written Off	0.000	0.001	0.000	0.001		0.000	0.000	0.001	0.001
		Provisions	0.183	0.421	0.627	0.812		0.177	0.529	1.035	1.337
		Othe Operating Expenses	3.258	6.604	10.148	13.788		3.284	6.509	9.907	12.626
		Overhead Costs	2.180	4.375	6.594	8.948		2.129	4.071	6.406	8.259
		Other Expenses	1.078	2.229	3.554	4.840		1.155	2.438	3.501	4.367
		NET OPERATING INCOME (LOSS)	(0.607)	(0.972)	(1.588)	(2.337)		(0.308)	(0.598)	(0.627)	0.487
		EXTRAORDINARY CREDITS/(CHARGES)	0.417	0.909	1.549	2.582		0.469	1.145	1.437	0.381
		NET INCOME/(LOSS) BEFORE TAX	(0.190)	(0.063)	(0.039)	0.245		0.161	0.547	0.810	0.868
		Provision for Income Tax	0.083	0.159	0.233	0.365		0.078	0.171	0.155	0.213
		NET INCOME/(LOSS) AFTER TAX	(0.273)	(0.222)	(0.272)	(0.120)		0.083	0.376	0.655	0.655
	Return on Assets (%)		(0.5)	(0.5)	(0.1)	(0.0)		0.1	0.2	0.3	0.3
	Return on Equity (%)		(2.7)	(2.5)	(0.5)	(0.3)		0.5	1.1	1.9	1.5
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