49   CONSOLIDATED STATEMENT OF INCOME AND EXPENSES
              Rural and Cooperative Banking System    
              for the periods indicated    
              in billion pesos    
Selected Accounts   Mar-07 Jun-07 Sep-07 Dec-07  
 
OPERATING INCOME 3.425 7.502 11.480 15.426
       Net Interest Income 2.350 5.218 7.930 11.184
          Interest Income 4.177 8.972 13.727 18.506
          Less: Interest Expense 1.827 3.753 5.798 7.322
 
       Non-Interest Income 1.075 2.283 3.550 4.242
         Fee-based Income 0.721 1.550 2.311 2.879
         Trading Income/(Loss) 0.004 0.007 0.015 0.010
         Trust Department Income 0.000 0.000 0.000 0.000
         Other Income/(Loss) 0.350 0.726 1.223 1.353
  OPERATING EXPENSES 2.671 5.561 8.815 12.068
    Bad Debts Written Off  0.002 0.005 0.010 0.070
    Provisions 0.150 0.322 0.548 0.619
    Other Operating Expenses 2.519 5.234 8.257 11.380
       Overhead Costs 1.611 3.351 5.124 7.136
       Other Expenses 0.908 1.883 3.132 4.243
 
    NET OPERATING INCOME (LOSS) 0.754 1.941 2.664 3.357
    EXTRAORDINARY CREDITS/(CHARGES) 0.130 0.254 0.386 0.466
    NET INCOME/(LOSS) BEFORE TAX 0.884 2.195 3.051 3.823
      Provision for Income Tax 0.142 0.283 0.539 0.786
    NET INCOME/(LOSS) AFTER TAX 0.742 1.912 2.511 3.037
 
       
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