49 Income Statement          
             
             
  Rural and Cooperative 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   5,461,849.77 10,973,037.69 16,415,197.20 20,443,292.59  
  Interest Income 6,124,708.37 12,294,147.31 18,523,825.20 22,458,736.68  
  Interest Expense 1,841,072.40 3,639,804.53 5,527,692.60 6,827,678.87  
  Provision for Losses on Accrued Interest Income from Financial Assets 3,000.00 9,019.38 146,203.40 47,841.28  
  Net Interest Income 4,280,635.97 8,645,323.41 12,849,929.21 15,583,216.53  
  Non-Interest income 1,181,213.80 2,327,714.28 3,565,267.99 4,860,076.06  
  (1) Dividend Income 72.47 181.13 235.41 502.92  
  (2) Fees and Commissions Income 618,880.43 1,235,174.92 1,906,076.67 2,465,918.19  
  (3) Trading Income 73,546.40 142,526.04 263,141.96 473,105.62  
  (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) (65.07) 871.38 1,000.35 (2,245.49)  
  (e) Profit/(Loss) from Sale/Redemption/Derecognition of Non-Trading Fin'l Assets & Liabilities 6,247.34 22,179.69 24,090.26 20,664.00  
  (f) Profit/(Loss) from Sale/Derecognition of Non-Fin'l Assets 67,364.13 119,474.97 238,051.35 454,687.11  
  (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 488,714.50 949,832.20 1,395,684.86 1,915,425.23  
  NON-INTEREST EXPENSES 4,133,842.62 8,533,872.07 12,151,311.29 15,649,635.86  
  (1) Compensation/Fringe Benefits 1,498,124.49 3,168,925.16 4,747,626.89 6,266,567.19  
  (2) Taxes and Licenses 316,832.34 618,047.24 895,937.20 1,047,099.56  
  (3) Fees and Commissions 27,943.30 79,944.57 131,312.44 166,406.25  
  (4) Other Administrative Expenses 1,454,537.88 2,995,789.43 4,658,786.55 6,029,699.48  
  (5) Depreciation/Amortization 270,485.48 532,722.40 801,385.60 1,016,496.73  
  (6) Impairment Losses 20,662.16 89,151.82 161,925.27 292,084.98  
  (7) Provisions 545,256.98 1,049,291.45 754,337.33 831,281.66  
  LOSSES/RECOVERIES ON FINANCIAL ASSETS (29,660.07) (67,646.80) (823,942.82) (1,127,584.26)  
  (1) Provision for Credit Losses on Loans & Other Fin'l Assets (41,352.79) (87,143.51) (875,855.02) (1,126,713.60)  
  (2) Bad Debts Written Off (1,585.76) (7,869.93) (17,840.26) (85,959.46)  
  (3) Recovery on Charged-Off Assets 13,278.48 27,366.63 69,752.46 85,088.81  
  NET PROFIT BEFORE SHARE IN THE PROFIT/(LOSS) OF UNCONSOLIDATED SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES ACCOUNTED FOR USING THE EQUITY METHOD 1,298,347.08 2,371,518.82 3,439,943.09 3,666,072.47  
  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 1,298,347.08 2,371,518.82 3,439,943.09 3,666,072.47  
  Income Tax Expense 221,933.49 494,561.79 750,848.27 829,662.17  
  TOTAL PROFIT/LOSS AFTER TAX AND BEFORE MINORITY INTEREST 1,076,413.58 1,876,957.03 2,689,094.82 2,836,410.30  
  Minority Interest in Profit/(Loss) of Subsidiaries 0.00 40.00 0.00 0.00  
  NET PROFIT OR LOSS 1,076,413.58 1,876,917.03 2,689,094.82 2,836,410.30