27   CONSOLIDATED STATEMENT OF INCOME AND EXPENSES
            Thrift Banking System        
          for the periods indicated        
          in billion pesos        
Selected Accounts TOTAL THRIFT BANKS  
2003   2004  
1st 2nd 3rd 4th 1st 2nd 3rd 4th  
Quarter Quarter r/ Quarter Quarter r/   Quarter Quarter Quarter Quarter  
OPERATING INCOME 3.527 6.982 10.613 14.351   3.696 7.583 11.204 15.599  
       Net Interest Income 2.617 5.098 7.796 10.603   2.837 5.684 8.520 11.950  
   
            Interest Income 4.869 9.859 15.081 20.636   5.542 11.423 17.191 23.961  
            Less: Interest Expense 2.252 4.761 7.285 10.033   2.706 5.739 8.671 12.011  
     
       Non-Interest Income 0.910 1.884 2.817 3.748   0.860 1.899 2.685 3.649  
                       
           Fee-based Income 0.478 0.961 1.496 2.017   0.497 1.155 1.715 2.391  
           Trading Income/(Loss) 0.157 0.542 0.733 0.842   0.107 0.247 0.311 0.383  
           Trust Department Income 0.016 0.038 0.065 0.114   0.024 0.049 0.068 0.099  
           Other Income/(Loss) 0.258 0.343 0.523 0.776   0.232 0.448 0.591 0.776  
                   
  OPERATING EXPENSES 3.536 7.064 10.855 15.006   3.754 7.805 11.835 16.343  
                   
      Bad Debts Written Off 0.001 0.003 0.003 0.004   0.000 0.003 0.000 0.014  
      Provisions 0.285 0.510 1.037 1.548   0.363 0.731 1.133 1.422  
      Othe Operating Expenses 3.250 6.551 9.815 13.454   3.391 7.071 10.701 14.907  
         Overhead Costs 2.082 4.254 6.344 8.743   2.177 4.500 6.786 9.382  
         Other Expenses 1.168 2.297 3.471 4.711   1.215 2.571 3.915 5.525  
                         
      NET OPERATING INCOME (LOSS) (0.009) (0.082) (0.242) (0.655)   (0.058) (0.221) (0.631) (0.744)  
      EXTRAORDINARY CREDITS/(CHARGES) 0.123 0.281 0.431 0.756   0.244 0.560 0.947 1.354  
      NET INCOME/(LOSS) BEFORE TAX 0.114 0.199 0.189 0.101   0.186 0.339 0.317 0.609  
        Provision for Income Tax 0.107 0.170 0.242 0.349   0.094 0.281 0.370 0.566  
      NET INCOME/(LOSS) AFTER TAX 0.008 0.029 (0.054) (0.248) 0.093 0.058 (0.053) 0.043
                         
   Return on Assets (%) 0.2 0.1 (0.0) (0.1)   (0.0) (0.1) (0.1) 0.0  
   Return on Equity (%)  1.4 0.7 (0.1) (0.6)   (0.1) (0.5) (0.6) 0.1  
r/ Revised          
Note: Details may not add up to totals due to rounding-off        
Source: Supervisory Data Center, Supervision and Examination Sector        
Updated as of 29 December 2005