54   CONSOLIDATED STATEMENT OF INCOME AND EXPENSES AND KEY RATIOS
Rural Banking System
for the periods indicated
in billion pesos
	Selected Accounts				RURAL BANKS
					Mar-09	Jun-09	Sep-09	Dec-09
	Income and Expense Accounts
		Interest Income			4.845	9.710	14.499	19.576
		Interest Expense			1.587	3.164	4.667	6.154
		Provision for Losses on Accrued Interest Income from Financial Assets			0.000	0.000	0.000	0.000
	Net Interest Income				3.258	6.546	9.832	13.422
	Non-Interest Income				0.981	1.867	2.984	3.913
		Dividend Income			0.000	-	-	-
		Fees and Commissions Income			0.556	1.044	1.618	2.257
			Payment Services		0.036	0.057	0.105	0.160
			Intermediation Services		0.519	0.988	1.512	2.097
			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)			0.003	0.006	0.135	0.007
		Gains/(Losses) from Sale/Redemption/Derecognition of Non-Trading Financial Assets and Liabilities			0.008	0.008	0.013	0.017
		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			0.415	0.808	1.218	1.631
	Non-Interest Expense				2.900	5.903	8.919	12.525
		Compensation/Fringe Benefits			1.189	2.461	3.671	5.232
		Taxes and Licenses			0.246	0.463	0.658	0.944
		Fees and Commissions Expenses			0.042	0.090	0.129	0.189
		Other Administrative Expenses			1.205	2.448	3.797	5.261
		Depreciation/Amortization			0.217	0.441	0.664	0.900
		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				(0.206)	(0.460)	(0.847)	(1.279)
		Provision for Credit Losses on Loans and Receivables and Other Financial Assets			(0.202)	(0.426)	(0.801)	(1.158)
		Bad Debts Written Off			(0.009)	(0.023)	(0.028)	(0.094)
		Recovery on Charged-Off Assets			0.005	(0.011)	(0.017)	(0.027)
	Net Profit Before Share in the Profit/(Loss) of Unconsolidated Subsidiaries, Associates and Joint Ventures Accounted for Using the Equity Method				1.134	2.075	3.085	3.586
	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				1.134	2.075	3.085	3.586
		Income Tax Expense			0.163	0.341	0.562	0.687
	Total Profit/Loss After Tax and Before Minority Interest				0.970	1.733	2.524	2.900
		Minority Interest in Profit/(Loss) of Subsidiaries (for consolidated report only)			0.000	0.000	0.000	1.000
	Net Profit or Loss				0.970	1.733	2.524	2.900
	Key  Ratios
	Earning Asset Yield 1/				14.44	13.67	13.56	14.98
	Funding Cost 2/				4.88	4.34	4.06	5.24
	Interest Spread 3/				9.56	9.33	9.51	9.74
	Net Interest Margin 4/				9.93	9.69	9.83	10.27
	Net Interest Income to Total Operating Income				76.89	78.17	77.59	77.43
	Cost to Income Ratio 5/				71.34	72.78	71.97	72.25
	Return on Assets				1.84	1.68	1.79	1.91
	Return on Equity				12.11	10.95	11.71	12.12
	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 23 March 2010