May 14, 2013

RCBC Q1 profit up 16% to P1.8 B

Rizal Commercial Banking Corp. posted a net income of P1.77 B for the first quarter this year, 16% higher than the P1.53 B posted in the same period last year. Net interest income grew 12% to P3.04 B, with the increase in core revenues being primarily driven by an improvement in funding mix and growth in loans, especially in the higher-yielding segments.

Earnings from treasury trading and investment activities surged by 27% to P2.1 B, while service fees and commissions grew by 20% to P576 M. Demand deposits grew 55% to P14.5 B while CASA-to-total deposits improved to 63.14% as of the first quarter this year against 60.52% in the same period in 2012.

Loans increased to P197.78 B with the volume of consumer loans growing 22%, SME loans increased by 14% and corporate loans by 6% consistent with the bank’s strategy of reducing cyclical assets and increasing actuarial type of loans. - WealthSec