40 Income Statement          
             
             
  Thrift Bank Group          
  as of end of periods indicated          
  amounts in thousand Pesos          
             
   
  Selected Accounts Mar-11 Jun-11 Sep-11 Dec-11  
   
  TOTAL OPERATING INCOME   8,888,434.47 17,818,432.09 27,686,684.60 37,982,487.97  
  Interest Income 11,134,648.10 21,575,457.25 32,064,676.08 43,497,982.66  
  Interest Expense 3,796,719.15 7,451,924.27 11,028,574.91 15,013,080.26  
  Provision for Losses on Accrued Interest Income from Financial Assets 58,425.20 55,490.36 66,627.82 48,051.66  
  Net Interest Income 7,279,503.75 14,068,042.63 20,969,473.35 28,436,850.74  
  Non-Interest income 1,608,930.72 3,750,389.46 6,717,211.24 9,545,637.24  
  (1) Dividend Income 28.65 1,462.12 2,136.43 16,118.54  
  (2) Fees and Commissions Income 1,000,804.07 1,983,302.54 2,922,268.98 4,005,296.39  
  (3) Trading Income 200,240.62 1,093,658.11 2,884,862.15 4,422,215.12  
  (a) Realized Gains/(Losses) from Sale/Redemption (361,231.19) 151,089.73 909,164.35 1,576,276.01  
  (b) Unrealized Gains/(Losses) from Marking-to-Market 29,926.71 64,917.17 91,711.69 (6,529.82)  
  (c) Realized Gains/(Losses) from FX Transactions 21.48 929.11 1,076.97 88,970.49  
  (d) Foreign Exchange Profit/(Loss) 23,864.21 75,998.06 76,135.51 151,534.13  
  (e) Profit/(Loss) from Sale/Redemption/Derecognition of Non-Trading Fin'l Assets & Liabilities 285,806.94 399,630.75 1,181,214.23 1,581,119.51  
  (f) Profit/(Loss) from Sale/Derecognition of Non-Fin'l Assets 222,389.95 400,617.74 624,880.97 1,026,659.64  
  (g) Profit/(Loss) on Financial Assets and Liabilities DFVPL (537.49) 475.55 678.42 4,185.15  
  (h) Profit/(Loss) on Fair Value Adjustment in Hedge Accounting 0.00 0.00 0.00 0.00  
  (4) Other income 407,857.38 671,966.70 907,943.68 1,102,007.20  
  NON-INTEREST EXPENSES 6,317,360.58 12,429,484.39 18,654,296.72 25,831,390.64  
  (1) Compensation/Fringe Benefits 2,161,124.02 4,231,279.10 6,372,040.31 8,850,726.52  
  (2) Taxes and Licenses 615,844.09 1,162,918.88 1,779,751.35 2,411,736.47  
  (3) Fees and Commissions 30,886.97 63,156.98 72,385.98 170,295.11  
  (4) Other Administrative Expenses 2,622,102.94 5,335,458.91 7,991,464.96 11,025,666.74  
  (5) Depreciation/Amortization 574,145.16 1,142,732.18 1,600,228.29 2,174,916.01  
  (6) Impairment Losses 10,562.27 1,767.08 11,839.55 11,011.72  
  (7) Provisions 302,695.11 492,171.25 826,586.28 1,187,038.07  
  LOSSES/RECOVERIES ON FINANCIAL ASSETS (325,501.92) (608,888.05) (1,330,433.07) (1,874,469.26)  
  (1) Provision for Credit Losses on Loans & Other Fin'l Assets (360,410.46) (696,242.83) (1,434,341.66) (2,040,529.37)  
  (2) Bad Debts Written Off (7,141.87) (14,306.78) (20,934.97) (30,417.62)  
  (3) Recovery on Charged-Off Assets 42,050.41 101,661.56 124,843.55 196,477.73  
  NET PROFIT BEFORE SHARE IN THE PROFIT/(LOSS) OF UNCONSOLIDATED SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES ACCOUNTED FOR USING THE EQUITY METHOD 2,245,571.97 4,780,059.65 7,701,954.81 10,276,628.08  
  Share in the Profit/(Loss) of Unconsolidated Subsidiaries, Associates and Joint Ventures Accounted for Using the Equity Method (10,636.53) (17,630.49) 162,922.71 94,103.33  
  TOTAL PROFIT/LOSS BEFORE TAX AND BEFORE MINORITY INTEREST 2,234,935.44 4,762,429.16 7,864,877.51 10,370,731.41  
  Income Tax Expense 376,209.45 380,606.52 893,689.23 1,108,878.66  
  TOTAL PROFIT/LOSS AFTER TAX AND BEFORE MINORITY INTEREST 1,858,725.99 4,381,822.64 6,971,188.28 9,261,852.75  
  Minority Interest in Profit/(Loss) of Subsidiaries 0.00 0.00 0.00 0.00  
  NET PROFIT OR LOSS 1,858,725.99 4,381,822.64 6,971,188.28 9,261,852.75