49 Income Statement          
             
             
  Rural and Cooperative Bank Group          
  as of end of periods indicated          
  amounts in thousand Pesos          
             
   
  Selected Accounts Mar-10 Jun-10 Sep-10 Dec-10  
   
  TOTAL OPERATING INCOME   4,857,358.93 9,862,665.18 14,915,023.78 18,001,263.28  
  Interest Income 5,424,100.21 11,021,575.83 16,614,972.31 20,501,765.61  
  Interest Expense 1,701,356.06 3,419,148.15 5,124,723.90 6,304,343.79  
  Provision for Losses on Accrued Interest Income from Financial Assets 719.55 26,725.68 34,799.04 35,343.58  
  Net Interest Income 3,722,024.60 7,575,702.00 11,455,449.37 14,162,078.24  
  Non-Interest income 1,135,334.33 2,286,963.18 3,459,574.41 3,839,185.04  
  (1) Dividend Income 2.00 395.51 492.29 421.17  
  (2) Fees and Commissions Income 560,045.92 1,166,996.41 1,816,912.31 1,785,090.75  
  (3) Trading Income 104,549.73 165,579.09 266,805.88 351,551.28  
  (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) 771.34 2,963.01 2,234.26 (659.68)  
  (e) Profit/(Loss) from Sale/Redemption/Derecognition of Non-Trading Fin'l Assets & Liabilities 5,755.43 10,126.37 24,994.29 18,990.03  
  (f) Profit/(Loss) from Sale/Derecognition of Non-Fin'l Assets 98,022.97 152,489.71 239,577.34 333,220.93  
  (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 469,180.09 953,408.00 1,373,800.24 1,702,121.84  
  NON-INTEREST EXPENSES 3,482,069.06 7,282,199.29 11,077,741.80 13,960,851.69  
  (1) Compensation/Fringe Benefits 1,434,973.32 3,003,600.41 4,376,540.71 5,474,971.71  
  (2) Taxes and Licenses 277,324.16 529,292.85 777,690.48 910,681.21  
  (3) Fees and Commissions 16,768.31 36,846.94 64,115.15 92,830.45  
  (4) Other Administrative Expenses 1,324,873.42 2,680,819.71 4,144,523.02 5,102,000.18  
  (5) Depreciation/Amortization 247,676.92 509,392.36 751,318.37 859,734.57  
  (6) Impairment Losses 8,009.54 15,542.46 33,744.07 54,890.37  
  (7) Provisions 172,443.38 506,704.56 929,810.00 1,465,743.21  
  LOSSES/RECOVERIES ON FINANCIAL ASSETS (41,538.27) (327,036.59) (422,144.45) (240,085.41)  
  (1) Provision for Credit Losses on Loans & Other Fin'l Assets (54,993.81) (345,175.82) (451,849.86) (257,627.98)  
  (2) Bad Debts Written Off 198.13 (2,040.64) (14,525.59) (37,756.15)  
  (3) Recovery on Charged-Off Assets 13,257.41 20,179.86 44,231.00 55,298.73  
  NET PROFIT BEFORE SHARE IN THE PROFIT/(LOSS) OF UNCONSOLIDATED SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES ACCOUNTED FOR USING THE EQUITY METHOD 1,333,751.60 2,253,429.30 3,415,137.53 3,800,326.18  
  Share in the Profit/(Loss) of Unconsolidated Subsidiaries, Associates and Joint Ventures Accounted for Using the Equity Method 0.00 613.64 0.00 0.00  
  TOTAL PROFIT/LOSS BEFORE TAX AND BEFORE MINORITY INTEREST 1,333,751.60 2,254,042.94 3,415,137.53 3,800,326.18  
  Income Tax Expense 212,681.38 473,916.64 635,179.49 722,084.09  
  TOTAL PROFIT/LOSS AFTER TAX AND BEFORE MINORITY INTEREST 1,121,070.22 1,780,126.30 2,779,958.03 3,078,242.09  
  Minority Interest in Profit/(Loss) of Subsidiaries 0.00 40.00 0.00 0.00  
  NET PROFIT OR LOSS 1,121,070.22 1,780,086.30 2,779,958.03 3,078,242.09