Stanchart profits grow in first quarter

For the period under review, the bank's interest income rose by 12.8 percent against the comparable period last year to P303m, while interest expense went up by 8.9 percent to P181m. Net interest income rose by 19.2 percent to P122m.

Other operating income rose by 10.3 percent to P46.9m while operating expenses dropped by 6.7 percent to P56.7m. The impairment charge increased by about P5.6m to P10.6m, being about 0.3 percent of the loan book. Net income after tax increased by 28.5 percent to P78.9m. The counter lost 10.7 percent during the period under review.