54   CONSOLIDATED STATEMENT OF INCOME AND EXPENSES AND KEY RATIOS
Rural Banking System p/
for the periods indicated
in billion pesos
	Selected Accounts				RURAL BANKS
					Mar-08	Jun-08	Sep-08	Dec-08
	Income and Expense Accounts
		Interest Income			4.966	10.208	15.031	18.389
		Interest Expense			1.854	3.929	5.717	5.966
		Provision for Losses on Accrued Interest Income from Financial Assets			0.000	0.000	0.000	0.000
	Net Interest Income				3.112	6.279	9.313	12.422
	Non-Interest Income				1.082	2.202	3.125	3.878
		Dividend Income			0.000	0.000	0.000	(0.000)
		Fees and Commissions Income			0.663	1.334	1.918	2.320
			Payment Services		0.033	0.068	0.098	0.130
			Intermediation Services		0.630	1.265	1.821	2.190
			Custodianship		0.000	0.000	0.000	0.000
			Underwriting and Securities Dealership		0.000	0.000	0.000	0.000
			Securitization Activities		0.000	0.000	0.000	0.000
			Income from Fiduciary Activities		0.000	0.000	0.000	0.000
			Others		0.000	0.000	0.000	0.000
		Gains/(Losses) on Financial Assets and Liabilities Held for Trading			0.000	0.000	0.000	0.000
		Gains/(Losses) on Financial Assets and Liabilities Designated at Fair Value through Profit or Loss			0.000	0.000	0.000	0.000
		Foreign Exchange Profit/(Loss)			0.001	0.004	0.009	0.009
		Gains/(Losses) from Sale/Redemption/Derecognition of Non-Trading Financial Assets and Liabilities			0.005	0.007	0.009	0.013
		Gains/(Losses) on Fair Value Adjustment in Hedge Accounting			0.000	0.000	0.000	0.000
		Gains/(Losses) from Sale/Derecognition of Non-Financial Assets			0.000	0.000	0.000	0.000
			Bank Premises, Furniture, Fixture and Equipment		0.000	0.000	0.000	0.000
			ROPA		0.000	0.000	0.000	0.000
			Goodwill		0.000	0.000	0.000	0.000
			Other Intangibles		0.000	0.000	0.000	0.000
		Other Income			0.413	0.856	1.189	1.536
	Non-Interest Expense				2.688	5.538	8.365	11.450
		Compensation/Fringe Benefits			1.072	2.270	3.390	4.803
		Taxes and Licenses			0.235	0.440	0.648	0.852
		Fees and Commissions Expenses			0.042	0.093	0.136	0.173
		Other Administrative Expenses			1.139	2.331	3.587	4.810
		Depreciation/Amortization			0.200	0.405	0.604	0.811
		Impairment Losses			0.000	0.000	0.000	0.000
			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	0.000
			ROPA		0.000	0.000	0.000	0.000
			Goodwill		0.000	0.000	0.000	0.000
			Other Intangible Assets		0.000	0.000	0.000	0.000
			Other Assets		0.000	0.000	0.000	0.000
		Provisions			0.000	0.000	0.000	0.000
	Losses/Recoveries on Financial Assets				(0.264)	(0.596)	(0.949)	(1.192)
		Provision for Credit Losses on Loans and Receivables and Other Financial Assets			(0.262)	(0.591)	(0.937)	(1.086)
		Bad Debts Written Off			(0.004)	(0.010)	(0.020)	(0.117)
		Recovery on Charged-Off Assets			0.002	0.006	0.008	0.011
	Net Profit Before Share in the Profit/(Loss) of Unconsolidated Subsidiaries, Associates and Joint Ventures Accounted for Using the Equity Method				1.242	2.346	3.125	3.658
	Share in the Profit/(Loss) of Unconsolidated Subsidiaries, Associates and Joint Ventures Accounted for Using the Equity Method				0.000	0.000	0.000	0.000
		Share in the Profit/(Loss) of Unconsolidated Subsidiaries			0.000	0.000	0.000	0.000
		Share in the Profit/(Loss) of Associates			0.000	0.000	0.000	0.000
		Share in the Profit/(Loss) of Joint Ventures			0.000	0.000	0.000	0.000
	Total Profit/Loss Before Tax and Before Minority Interest				1.242	2.346	3.125	3.658
		Income Tax Expense			0.231	0.414	0.595	0.859
	Total Profit/Loss After Tax and Before Minority Interest				1.011	1.932	2.529	2.800
		Minority Interest in Profit/(Loss) of Subsidiaries (for consolidated report only)			0.000	0.000	0.000	0.000
	Net Profit or Loss				1.011	1.932	2.529	2.800
	Key  Ratios
	Earning Asset Yield 1/				17.08	15.32	17.15	14.76
	Funding Cost 2/				6.07	6.06	5.91	5.14
	Interest Spread 3/				11.01	9.26	11.24	9.62
	Net Interest Margin 4/				10.68	9.56	10.91	9.97
	Net Interest Income to Total Operating Income				73.31	74.45	76.76	76.21
	Cost to Income Ratio 5/				69.66	70.19	69.64	70.24
	Return on Assets				2.16	1.95	1.97	1.89
	Return on Equity				15.28	13.56	13.74	12.76
	p/ Preliminary
	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 5 May 2009