PHILIPPINE Business Bank (PBB) on Monday reported netting P1.8 billion last year, up 39 percent from 2022's P1.3 billion, on the back of asset expansion, better interest rate margins, and an improved cost-to-income ratio.

Core earnings totaled P3.1 billion, while net interest income expanded by 15.8 percent to P6.4 billion from P5.5 billion.

Despite stiffer industry competition, the 2023 results were indicative of the bank's "expansion as a full-service financial institution," PBB Chief Operating Officer Cynthia Almirez said in a statement.

Looking ahead, the bank aims to solidify its position in the small and midsize enterprise market as well as sustain its growth to become a "major player in the Philippine financial services sector," she added.

PBB's deposit liabilities climbed to P126.7 billion from P114.5 billion, with CASA, or current account savings accounts, and time deposits amounting to P68.3 billion and P58.4 billion, respectively.

Total net loans and receivables were said to have increased to P117.6 billion from P103.5 billion as credit activity picked up amid continued economic recovery and growing market demand for financing.

The bank ended 2023 with total loans rising by 14 percent to P154.4 billion and shareholders' equity reaching P18 billion — equivalent to a book value per share of P21.25 net of preferred shares.