RCBC net income hits P1B in first quarter

Yuchengco-controlled uni­versal bank Rizal Commer­cial Banking Corp. posted an unaudited consolidated net income of P1 billion for the first quarter.

Annualized return on equity and return on assets stood at 6.47 percent and 0.79 percent, respectively.

Net Interest Income reached P4.1 billion and rep­resented 72 percent of total gross income amounting to P5.8 billion.

Annualized Net Inter­est Margin (NIM) remained strong at 4.21 percent due to the 14 percent growth in consumer loans including credit cards with 21 percent growth.

Meanwhile, the microfi­nance arm of the Bank that provides financing require­ments for micro and small enterprises continued its uptrend with loan disburse­ment growing by 40 percent and outstanding loan portfo­lio increasing by 56 percent.

Total fee-based and miscellaneous income in­creased by 25 percent to P1.4 billion, driven by in­vestment banking fees and improved volume from the retail and leasing business.

Increase in total operat­ing expenses was at 6 per­cent to P4.2 billion for the first quarter of the year, main­ly in support of the on-going strategy to broaden custom­er reach and enhance bank­ing convenience.

The bank pursued the expansion of its distribution network by selectively open­ing 14 branches and deploy­ing 97 ATMs from April 2016 to March 2017.

This brought the con­solidated network to 489 branches and 1,502 ATMs, resulting to a 3.07 branch-to- ATM ratio, one of the highest in the industry.

The bank’s asset quality remained solid with NPL Ra­tio of the parent bank at 0.46 percent while NPL Cover of the parent bank stood strong at 141.57 percent.

Total consolidated re­sources expanded to P526 billion while capital funds were at P63.4 billion. The bank’s capital position re­mains strong and well above the minimum requirement with a CAR of 15.62 percent and CET1 Ratio of 12.49 percent.

Total deposits at P364.4 billion increased by P47.2 billion, or 15 percent year-on-year. CASA deposits reached P215.8 billion, translating to a CASA-to-To­tal Deposits ratio of 59.02 percent as of the first quarter of 2017.