RCBC says H1 net income up 35% to P3B

Yuchengco-led Rizal Commercial Banking Corp. (RCBC) reported P3.01 billion in net income for the first half, up 35 percent from P2.23 billion a year earlier.

In a disclosure to the Philippine Stock Exchange Monday, the bank noted that annualized return on average equity remained “strong” at 15.43 percent.

Its total operating income increased by 15.52 percent to P10.76 billion with net income from interests growing to P5.49 billion.

Income from trading gains, trust fees, services fees and commissions totaled P5 billion, or 95 percent of non-interest income.

RCBC noted its “bank capital position stood strong.” Capital funds totaled P41.22 billion, up 11.42 percent from P36.99 billion.

Also, its capital adequacy ratio was pegged at 17.11 percent, “with much leeway for asset growth from the minimum requirement of 10 percent,” the bank noted.

The bank raked in P351.45 billion in consolidated revenues, up 17 percent from P300.49 billion.

In its loan portfolio, net loans jumped 16.5 percent to P189.76 billion from P162.92 billion. Corporate loans grew 24 percent, loans for small and medium enterprises by 39 percent and consumer loans jumped by 28 percent.

The bank’s non-performing loans ratio slid to 1.53 percent from last year’s 2.36 percent.

“Total provisions for the first semester totaled P958 million. Total deposits reached P240.87 billion as the bank continued to focus on growing its low cost current account savings account deposits which increased to P134.34 billion as of end of June 2012,” the bank noted in its disclosure.

RCBC said it continues to expand its network. As of end June, the bank was operating 395 branches and 892 automated teller machines. — Marc Jayson Cayabyab/ VS, GMA News


Source: http://www.gmanetwork.com/news/story/268567/economy/companies/rcbc-says-h1-net-income-up-35-to-p3b

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