22   CONSOLIDATED STATEMENT OF INCOME AND EXPENSES
Universal Banking System 1/
for the periods indicated
in billion pesos
	Selected Accounts				UNIVERSAL BANKS
					Mar-06	Jun-06	Sep-06	Dec-06
	OPERATING INCOME				42.438	78.054	121.552	169.021
	Net Interest Income				24.706	51.011	77.748	104.681
		Interest Income			47.666	96.994	148.970	201.281
		Less: Interest Expense			22.960	45.983	71.222	96.600
	Non-Interest Income				17.732	27.043	43.804	64.340
		Fee-based Income			4.464	9.103	13.855	19.119
		Trading Income/(Loss)			10.495	11.013	19.937	29.909
		Trust Department Income			1.114	2.409	3.217	3.936
		Other Income/(Loss)			1.658	4.519	6.793	11.377
	OPERATING EXPENSES				30.581	58.089	89.857	131.031
		Bad Debts Written Off			0.002	0.002	0.002	0.011
		Provisions			5.298	7.763	12.409	21.275
		Other Operating Expenses			25.282	50.324	77.446	109.745
		Overhead Costs			16.489	33.099	50.509	70.899
		Other Expenses			8.794	17.225	26.937	38.846
		NET OPERATING INCOME (LOSS)			11.857	19.965	31.695	37.990
		EXTRAORDINARY CREDITS/(CHARGES)			1.817	5.000	7.108	9.371
		NET INCOME/(LOSS) BEFORE TAX			13.673	24.965	38.804	47.361
		Provision for Income Tax			2.021	4.469	6.819	5.355
		NET INCOME/(LOSS) AFTER TAX			11.653	20.496	31.984	42.006
1/ Inclusive of branches of foreign banks and government banks with universal banking license
Note: Details may not add up to totals due to rounding-off
Source : Supervisory Data Center, Supervision and Examination Sector
Updated as of 1April 2008