March 07, 2013

RCBC pursues $100M equity deal; Net income up 24%

Rizal Commercial Banking Corp. is continuing its capital build-up program by selling at least $100 million worth of equity through a top-up offering. The equity offer would be priced at a minimum of P60 a share.

Under the top-op offering, RCBC's controlling shareholder - the Yuchengco group - will sell some of its shares for a quick equity deal but will later subscribe to the same number of shares.

RCBC has grown its net profit last year by 24% to P6.21 billion on higher interest and fee-based income, and hefty treasury gains.

This translated to a return on equity of 15.52% and a return on assets of 1.77%.