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