RCBC profit up 3.3% to P2.61 billion in Q1

The Yuchengco group’s Rizal Commercial Banking Corp. (RCBC) posted an unaudited consolidated net income of P2.61 billion for the first half, 3.3 percent higher than the P2.53-billion net income reported for the same period last year. Core income excluding the cyclical trading gains increased by 59 percent.

Annualized Return on Equity and Return on Assets stood at 8.8 percent and 1.1 percent, respectively. Total consolidated assets expanded by 6.7 percent year-on-year to P500.33 billion while Capital Funds was at P59.91 billion.

The Bank’s CAR of 16.78 percent was over the Bangko Sentral ng Pilipinas (BSP) minimum requirement of 10 percent while Common Equity Tier 1 (CET1) ratio of 13.48 percent also exceeded the minimum CET1 Ratio requirement (with capital conservation buffer) of 8.5 percent.

Total deposits reached P319.82 billion while CASA deposits totalled P202.96 billion, translating to CASA-to-Total Deposits ratio of 63.5 percent as of end-June 2016.

Net Interest Income reached P8.06 billion, up by 8.2 percent and represented 66.39 percent of Gross Income.

Annualized Net Interest Margin (NIM) was sustained at 4.2 percent in the first half of 2016 principally driven by consumer loans which expanded by 19 percent.

Meanwhile, microfinance lending through Rizal Microbank continued its consistent climb with outstanding loan portfolio increasing by 105.8 percent. RIZA LOZADA