22   CONSOLIDATED STATEMENT OF INCOME AND EXPENSES
Universal Banking System 1/
for the periods indicated
in billion pesos
	Selected Accounts				UNIVERSAL BANKS
					Mar-07	Jun-07	Sep-07	Dec-07
	OPERATING INCOME				47.001	90.074	136.352	183.942
	Net Interest Income				27.197	54.196	86.535	111.450
		Interest Income			49.330	98.383	152.884	200.765
		Less: Interest Expense			22.133	44.187	66.350	89.314
	Non-Interest Income				19.804	35.877	49.817	72.492
		Fee-based Income			5.437	10.962	16.798	23.699
		Trading Income/(Loss)			9.837	14.757	19.018	30.397
		Trust Department Income			0.750	1.507	2.437	3.654
		Other Income/(Loss)			3.780	8.651	11.564	14.742
	OPERATING EXPENSES				34.888	67.427	102.232	140.253
		Bad Debts Written Off			0.001	0.001	0.001	0.001
		Provisions			6.031	10.435	14.958	16.674
		Other Operating Expenses			28.855	56.991	87.273	123.578
		Overhead Costs			18.937	37.031	56.815	79.307
		Other Expenses			9.918	19.960	30.458	44.271
		NET OPERATING INCOME (LOSS)			12.114	22.647	34.120	43.689
		EXTRAORDINARY CREDITS/(CHARGES)			3.724	6.558	9.008	14.271
		NET INCOME/(LOSS) BEFORE TAX			15.837	29.205	43.128	57.960
		Provision for Income Tax			2.323	4.393	7.159	8.597
		NET INCOME/(LOSS) AFTER TAX			13.514	24.812	35.969	49.363
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