in 2022, or 66 percent higher than in 2021, driven by strong loan growth, higher net interest margin, lower provisions and a gain from a property sale.
Total operating expenses grew 14.3 percent to P58.0 billion, with all categories showing increases, led by technology and marketing. The cost-to-income ratio was 48.9 percent, but excluding the property sale, the ratio would have been 51.1 percent. Deposits expanded by 7.2 percent to P2.1 trillion, while CASA increased 3.5 percent. The CASA ratio stood at 74.4 percent and the loan-to-deposit ratio at 81.2 percent.
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