49   CONSOLIDATED STATEMENT OF INCOME AND EXPENSES
Rural and Cooperative Banking System
for the periods indicated
in billion pesos
Selected Accounts					Mar-06	Jun-06	Sep-06	Dec-06
	OPERATING INCOME				2.856	5.889	9.598	13.008
	Net Interest Income				1.962	4.067	6.620	9.027
		Interest Income			3.502	7.210	11.397	15.409
		Less: Interest Expense			1.539	3.143	4.777	6.381
	Non-Interest Income				0.893	1.822	2.978	3.980
		Fee-based Income			0.653	1.327	2.003	2.622
		Trading Income/(Loss)			0.005	0.013	0.006	0.020
		Trust Department Income			0.000	0.000	0.000	0.000
		Other Income/(Loss)			0.236	0.483	0.968	1.338
	OPERATING EXPENSES				2.353	4.885	7.502	10.476
		Bad Debts Written Off			0.002	0.006	0.023	0.049
		Provisions			0.102	0.217	0.363	0.367
		Other Operating Expenses			2.248	4.662	7.116	10.060
		Overhead Costs			1.442	2.987	4.541	6.393
		Other Expenses			0.806	1.675	2.575	3.667
		NET OPERATING INCOME (LOSS)			0.503	1.004	2.097	2.532
		EXTRAORDINARY CREDITS/(CHARGES)			0.091	0.199	0.450	0.533
		NET INCOME/(LOSS) BEFORE TAX			0.594	1.203	2.546	3.065
		Provision for Income Tax			0.102	0.220	0.393	0.539
		NET INCOME/(LOSS) AFTER TAX			0.492	0.983	2.153	2.526
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