In a disclosure to the Philippine Stock Exchange, the bank said this translated to an improved return on equity and return on assets of 15.6 percent and 1.6 percent, respectively.
Operating expenses increased by 8 percent partly due to persistent inflation and a weakening peso which further pushed up transaction-related costs and technology spend. Nevertheless, China Bank improved its efficiency with a cost-to-income ratio of 43 percent. Stronger demand for corporate and consumer loans led to a 14 percent increase in gross loans to P697 billion.
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