7   CONSOLIDATED STATEMENT OF INCOME AND EXPENSES
		Philippine Banking System
		for the periods indicated
		in billion pesos
Selected Accounts
			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	0.025	0.053	0.092	0.106		0.029	0.075	0.145	0.168
		Othe 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)	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 and Studies Office, Supervision and Examination Sector
Updated as of 12 March 2004