40 Income Statement          
             
             
  Thrift Bank Group          
  as of end of periods indicated          
  amounts in thousand Pesos          
             
   
  Selected Accounts Mar-08 Jun-08 Sep-08 Dec-08  
   
  TOTAL OPERATING INCOME   6,833,539.91 13,490,003.41 20,319,528.72 27,308,306.52  
  Interest Income 9,385,044.57 18,834,856.12 28,402,972.27 37,335,044.18  
  Interest Expense 4,490,887.15 8,842,287.81 13,393,086.47 17,597,258.41  
  Provision for Losses on Accrued Interest Income from Financial Assets 158.99 158.99 158.99 171.73  
  Net Interest Income 4,893,998.44 9,992,409.32 15,009,726.81 19,737,614.04  
  Non-Interest income 1,939,541.47 3,497,594.09 5,309,801.90 7,570,692.48  
  (1) Dividend Income 86.48 1,100.66 1,159.23 1,271.77  
  (2) Fees and Commissions Income 1,009,621.26 2,027,542.51 3,134,891.52 4,012,779.12  
  (3) Trading Income 598,163.34 864,087.32 1,190,671.27 1,826,310.09  
  (a) Realized Gains/(Losses) from Sale/Redemption 202,041.62 196,282.04 228,650.22 220,846.90  
  (b) Unrealized Gains/(Losses) from Marking-to-Market (7,350.88) 3,175.25 (9,661.95) (11,203.04)  
  (c) Realized Gains/(Losses) from FX Transactions 0.00 321.37 1,499.22 2,033.31  
  (d) Foreign Exchange Profit/(Loss) 117,472.93 196,988.65 299,444.74 412,299.76  
  (e) Profit/(Loss) from Sale/Redemption/Derecognition of Non-Trading Fin'l Assets & Liabilities 174,242.85 195,651.63 221,535.48 309,183.46  
  (f) Profit/(Loss) from Sale/Derecognition of Non-Fin'l Assets 59,893.95 215,535.50 409,621.93 878,761.70  
  (g) Profit/(Loss) on Financial Assets and Liabilities DFVPL 51,862.86 51,567.46 52,575.31 806.46  
  (h) Profit/(Loss) on Fair Value Adjustment in Hedge Accounting 0.00 4,565.41 (12,993.68) 13,581.55  
  (4) Other income 311,663.67 604,863.60 983,079.90 1,730,331.51  
  NON-INTEREST EXPENSES 5,883,949.17 11,645,473.17 17,767,708.02 23,663,273.26  
  (1) Compensation/Fringe Benefits 1,987,116.20 3,925,901.97 5,899,977.10 7,843,353.85  
  (2) Taxes and Licenses 575,341.47 1,120,042.56 1,666,420.24 2,183,325.43  
  (3) Fees and Commissions 8,560.51 19,142.61 38,740.49 44,396.86  
  (4) Other Administrative Expenses 2,497,281.58 5,160,216.45 7,938,042.34 10,812,732.82  
  (5) Depreciation/Amortization 382,740.66 805,885.50 1,270,190.36 1,714,466.45  
  (6) Impairment Losses 0.00 0.00 0.00 33,548.04  
  (7) Provisions 432,908.75 614,284.08 954,337.49 1,031,449.81  
  LOSSES/RECOVERIES ON FINANCIAL ASSETS (134,717.03) (569,327.27) (1,168,641.56) (1,716,698.55)  
  (1) Provision for Credit Losses on Loans & Other Fin'l Assets (197,989.72) (684,718.66) (1,339,596.39) (1,936,896.06)  
  (2) Bad Debts Written Off (40,672.77) (81,591.55) (115,955.68) (144,842.21)  
  (3) Recovery on Charged-Off Assets 103,945.47 196,982.94 286,910.51 365,039.73  
  NET PROFIT BEFORE SHARE IN THE PROFIT/(LOSS) OF UNCONSOLIDATED SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES ACCOUNTED FOR USING THE EQUITY METHOD 814,873.71 1,275,202.97 1,383,179.14 1,928,334.71  
  Share in the Profit/(Loss) of Unconsolidated Subsidiaries, Associates and Joint Ventures Accounted for Using the Equity Method 2,804.38 10,035.06 29,717.82 52,394.60  
  TOTAL PROFIT/LOSS BEFORE TAX AND BEFORE MINORITY INTEREST 817,678.09 1,285,238.02 1,412,896.96 1,980,729.31  
  Income Tax Expense 261,116.91 592,367.71 623,328.74 1,073,064.78  
  TOTAL PROFIT/LOSS AFTER TAX AND BEFORE MINORITY INTEREST 556,561.19 692,870.31 789,568.23 907,664.52  
  Minority Interest in Profit/(Loss) of Subsidiaries 0.00 0.00 0.00 0.00  
  NET PROFIT OR LOSS 556,561.19 692,870.31 789,568.23 907,664.52