49 Income Statement          
             
             
  Rural and Cooperative 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   4,487,256.98 9,086,295.79 13,376,431.20 17,596,142.44  
  Interest Income 5,277,516.31 10,849,901.55 16,032,982.11 19,774,673.46  
  Interest Expense 2,012,387.75 4,246,895.98 6,211,639.79 6,649,368.28  
  Provision for Losses on Accrued Interest Income from Financial Assets 0.00 0.00 0.00 0.00  
  Net Interest Income 3,265,128.55 6,603,005.57 9,821,342.32 13,125,305.17  
  Non-Interest income 1,222,128.43 2,483,290.22 3,555,088.88 4,470,837.27  
  (1) Dividend Income 15.46 36.14 (10.23) (9.23)  
  (2) Fees and Commissions Income 760,798.51 1,536,500.48 2,228,615.54 2,740,853.53  
  (3) Trading Income 6,103.66 12,051.48 18,063.30 22,424.80  
  (a) Realized Gains/(Losses) from Sale/Redemption 0.00 0.00 0.00 0.00  
  (b) Unrealized Gains/(Losses) from Marking-to-Market 0.00 0.00 0.00 0.00  
  (c) Realized Gains/(Losses) from FX Transactions 0.00 0.00 0.00 0.00  
  (d) Foreign Exchange Profit/(Loss) 1,368.10 4,498.28 9,064.22 9,284.26  
  (e) Profit/(Loss) from Sale/Redemption/Derecognition of Non-Trading Fin'l Assets & Liabilities 4,735.55 7,553.19 8,999.08 13,140.54  
  (f) Profit/(Loss) from Sale/Derecognition of Non-Fin'l Assets 0.00 0.00 0.00 0.00  
  (g) Profit/(Loss) on Financial Assets and Liabilities DFVPL 0.00 0.00 0.00 0.00  
  (h) Profit/(Loss) on Fair Value Adjustment in Hedge Accounting 0.00 0.00 0.00 0.00  
  (4) Other income 455,210.80 934,702.13 1,308,420.27 1,707,568.16  
  NON-INTEREST EXPENSES 2,883,900.89 5,956,126.85 9,010,706.51 12,371,973.53  
  (1) Compensation/Fringe Benefits 1,172,592.00 2,485,313.30 3,717,829.06 5,270,902.83  
  (2) Taxes and Licenses 239,051.03 449,072.80 663,426.78 874,426.62  
  (3) Fees and Commissions 45,951.71 100,154.44 146,907.39 188,135.13  
  (4) Other Administrative Expenses 1,212,416.83 2,488,530.65 3,834,711.43 5,166,278.92  
  (5) Depreciation/Amortization 213,889.31 433,055.65 647,831.85 872,230.03  
  (6) Impairment Losses 0.00 0.00 0.00 0.00  
  (7) Provisions 0.00 0.00 0.00 0.00  
  LOSSES/RECOVERIES ON FINANCIAL ASSETS (275,241.04) (662,188.23) (1,027,109.51) (1,281,273.79)  
  (1) Provision for Credit Losses on Loans & Other Fin'l Assets (273,681.66) (657,757.07) (1,014,458.26) (1,173,169.71)  
  (2) Bad Debts Written Off (4,354.26) (10,529.65) (22,156.55) (120,787.51)  
  (3) Recovery on Charged-Off Assets 2,794.88 6,098.49 9,505.30 12,683.43  
  NET PROFIT BEFORE SHARE IN THE PROFIT/(LOSS) OF UNCONSOLIDATED SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES ACCOUNTED FOR USING THE EQUITY METHOD 1,328,115.05 2,467,980.71 3,338,615.18 3,942,895.12  
  Share in the Profit/(Loss) of Unconsolidated Subsidiaries, Associates and Joint Ventures Accounted for Using the Equity Method 0.00 0.00 0.00 0.00  
  TOTAL PROFIT/LOSS BEFORE TAX AND BEFORE MINORITY INTEREST 1,328,115.05 2,467,980.71 3,338,615.18 3,942,895.12  
  Income Tax Expense 231,321.46 414,427.55 595,434.59 858,971.32  
  TOTAL PROFIT/LOSS AFTER TAX AND BEFORE MINORITY INTEREST 1,096,793.59 2,053,553.16 2,743,180.58 3,083,923.81  
  Minority Interest in Profit/(Loss) of Subsidiaries 0.00 0.00 0.00 0.00  
  NET PROFIT OR LOSS 1,096,793.59 2,053,553.16 2,743,180.58 3,083,923.81