13   CONSOLIDATED STATEMENT OF INCOME AND EXPENSES AND KEY RATIOS
Universal and Commercial Banking System
for the periods indicated
in billion pesos
	Selected Accounts				UNIVERSAL AND COMMERCIAL BANKS
					Mar-08	Jun-08	Sep-08	Dec-08
	Income and Expense Accounts
		Interest Income			61.757	124.503	193.110	268.076
		Interest Expense			29.403	56.242	84.123	116.923
		Provision for Losses on Accrued Interest Income from Financial Assets			0.002	0.004	0.008	0.192
	Net Interest Income				32.352	68.257	108.979	150.961
	Non-Interest Income				22.275	39.001	52.979	72.738
		Dividend Income			0.070	0.201	0.354	0.448
		Fees and Commissions Income			9.067	18.020	28.053	38.438
			Payment Services		0.712	1.350	2.108	2.803
			Intermediation Services		4.104	8.477	12.903	17.640
			Custodianship		0.114	0.179	0.284	0.363
			Underwriting and Securities Dealership		0.024	0.133	0.334	0.513
			Securitization Activities		0.000	0.000	0.000	0.000
			Income from Fiduciary Activities		1.242	2.292	3.869	5.648
			Others		2.870	5.589	8.555	11.471
		Gains/(Losses) on Financial Assets and Liabilities Held for Trading			(0.962)	(2.642)	(6.997)	17.739
		Gains/(Losses) on Financial Assets and Liabilities Designated at Fair Value through Profit or Loss			0.016	0.225	(0.495)	(1.088)
		Foreign Exchange Profit/(Loss)			5.166	8.405	14.448	(6.699)
		Gains/(Losses) from Sale/Redemption/Derecognition of Non-Trading Financial Assets and Liabilities			4.184	5.282	3.479	3.562
		Gains/(Losses) on Fair Value Adjustment in Hedge Accounting			0.000	0.000	(0.108)	(0.112)
		Gains/(Losses) from Sale/Derecognition of Non-Financial Assets			2.276	4.077	5.460	7.920
			Bank Premises, Furniture, Fixture and Equipment		0.118	0.186	0.123	0.197
			ROPA		2.147	3.888	5.330	7.714
			Goodwill		0.000	0.000	0.000	0.000
			Other Intangibles		0.011	0.003	0.007	0.009
		Other Income			2.459	5.434	8.787	12.531
	Non-Interest Expense				38.646	77.410	120.690	163.335
		Compensation/Fringe Benefits			12.191	25.982	39.399	55.134
		Taxes and Licenses			3.877	7.282	11.148	14.880
		Fees and Commissions Expenses			0.636	1.158	1.991	2.787
		Other Administrative Expenses			15.186	31.228	48.490	69.421
		Depreciation/Amortization			3.536	6.737	10.097	14.300
		Impairment Losses			0.002	0.164	0.395	0.740
			Investment in Subsidiaries, Associates and Joint Ventures		0.000	0.000	0.000	0.000
			Bank Premises, Furniture, Fixture and Equipment		0.000	0.000	0.000	0.001
			ROPA		0.001	0.157	0.384	0.700
			Goodwill		0.000	0.000	0.000	0.000
			Other Intangible Assets		0.000	0.000	0.000	0.000
			Other Assets		0.001	0.008	0.010	0.038
		Provisions			3.219	4.859	9.170	6.074
	Losses/Recoveries on Financial Assets				(1.489)	(4.303)	(7.146)	(16.213)
		Provision for Credit Losses on Loans and Receivables and Other Financial Assets			(1.248)	(3.712)	(6.958)	(15.379)
		Bad Debts Written Off			(0.671)	(1.381)	(2.254)	(3.143)
		Recovery on Charged-Off Assets			0.430	0.789	2.066	2.310
	Net Profit Before Share in the Profit/(Loss) of Unconsolidated Subsidiaries, Associates and Joint Ventures Accounted for Using the Equity Method				14.492	25.545	34.122	44.151
	Share in the Profit/(Loss) of Unconsolidated Subsidiaries, Associates and Joint Ventures Accounted for Using the Equity Method				1.577	3.699	5.929	7.307
		Share in the Profit/(Loss) of Unconsolidated Subsidiaries			1.194	3.062	4.907	6.033
		Share in the Profit/(Loss) of Associates			0.383	0.637	1.021	1.273
		Share in the Profit/(Loss) of Joint Ventures			0.000	0.000	0.000	0.001
	Total Profit/Loss Before Tax and Before Minority Interest				16.069	29.243	40.051	51.458
		Income Tax Expense			2.756	6.866	9.574	13.948
	Total Profit/Loss After Tax and Before Minority Interest				13.313	22.377	30.477	37.510
		Minority Interest in Profit/(Loss) of Subsidiaries (for consolidated report only)			0.000	0.000	0.000	0.000
	Net Profit or Loss				13.313	22.377	30.477	37.510
	Key  Ratios
	Earning Asset Yield 1/				7.37	7.11	7.27	7.25
	Funding Cost 2/				3.12	2.99	3.03	3.01
	Interest Spread 3/				4.25	4.13	4.24	4.24
	Net Interest Margin 4/				4.03	3.94	4.04	4.08
	Net Interest Income to Total Operating Income				58.34	60.05	62.03	67.48
	Cost to Income Ratio 5/				64.81	67.61	70.91	72.68
	Return on Assets				1.28	1.15	1.05	0.79
	Return on Equity				11.09	10.59	9.40	7.18
	1/ Ratio of Annualized Interest Income to Average Earning Assets (Total Loan Portfolio, Net of Amortization + AFS Debt Securities, Net of Amortization + HTM Financial Assets, Net of Amortization + Unquoted Debt Securities Classified as Loans, Net of Amortization + Financial Assets Held for Trading - Held for Trading Equity Securities + Financial Assets Designated at Fair Value Through Profit of Loss-Debt Securities + Due From other Banks
	2/ Ratio of annualized Interest Expense to Interest Bearing Liabilities ( Deposit Liabilities + Bills Payable + Unsecured Subordinated Debt + Bonds Payable, Net + Redeemable Preferred Shares
	3/ Earning assets Yield - Funding Cost
	4/ Ratio of Annualized Net Interest Income (Interest Income - Interest Expense) to Average Earning Assets
	5/ Ratio of Annualized Non-Interest Expense, Net of Impairment Losses to Annualized Total Operating Income (Net Interest Income + Non-Interest Income)
	Note: Details may not add up to totals due to rounding-off
	Source : Supervisory Data Center, Supervision and Examination Sector
	Updated as of 04 March 2009