54   CONSOLIDATED STATEMENT OF INCOME AND EXPENSES
              Rural Banking System    
              for the periods indicated    
              in billion pesos    
Selected Accounts   RURAL BANKS  
 
 
Mar-07 Jun-07 Sep-07 Dec-07  
OPERATING INCOME 3.196 7.024 10.747 14.375
       Net Interest Income 2.232 4.964 7.538 10.613
          Interest Income 3.913 8.431 12.904 17.332
          Less: Interest Expense 1.681 3.467 5.366 6.720
 
       Non-Interest Income 0.964 2.060 3.209 3.762
         Fee-based Income 0.643 1.394 2.072 2.550
         Trading Income/(Loss) 0.004 0.007 0.015 0.009
         Trust Department Income 0.000 0.000 0.000 0.000
         Other Income/(Loss) 0.317 0.659 1.121 1.203
  OPERATING EXPENSES 2.487 5.183 8.240 11.233
    Bad Debts Written Off  0.002 0.005 0.010 0.068
    Provisions 0.145 0.311 0.531 0.591
    Other Operating Expenses 2.340 4.867 7.700 10.574
       Overhead Costs 1.490 3.107 4.752 6.613
       Other Expenses 0.850 1.761 2.948 3.961
 
    NET OPERATING INCOME (LOSS) 0.709 1.841 2.507 3.142
    EXTRAORDINARY CREDITS/(CHARGES) 0.125 0.243 0.365 0.439
    NET INCOME/(LOSS) BEFORE TAX 0.834 2.084 2.871 3.580
      Provision for Income Tax 0.141 0.281 0.539 0.786
    NET INCOME/(LOSS) AFTER TAX 0.693 1.803 2.332 2.794
       
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