Net income of RCBC surges to P4.3 billion in 2017
MANILA, Philippines – Yuchengco-led Rizal Commercial Banking Corporation (RCBC) saw its net income grow by 11.4% in 2017, boosted by its strong performance in the last quarter of the year.
The country's 10th largest bank in terms of assets saw its net income increase to P4.3 billion in 2017, from P3.9 billion recorded in 2016.
RCBC president and chief executive officer Gil Buenaventura said the listed lender is ready to make the most of the favorable business environment this year.
"Our delivery channels are geared up with new branches and improved ATM systems supported by strengthened measures in anticipation of the increased client activity in 2018," Buenaventura said.
The listed bank's net interest income increased by 15% to P18 billion last year, after its total customer loan portolio went up by 16% to P353 billion.
For the 4th quarter alone, RCBC saw its net income jump by 146% to P904 million, from P368 million in the same quarter in 2016. (READ: RCBC to increase capital stock from P16B to P28B)
This was after its net interest income jumped by 27% in the same quarter last year, while non-interest income grew 19%.
The RCBC chief said all market segments sustained their growth, especially credit card receivables, which surged by 29% in 2017. This was followed by consumer loans with 15% increase and corporate loans with 12% surge.
RCBC's net interest margin surged to 4.24%, from 4.06%.
Meanwhile, loans to micro, small, and medium enterprises (MSMEs) surged by 39% through improved current loan products.
The Yuchengco-led bank managed to maintain the increase in operating expenses at 2.3%, ending at P17.8 billion in 2017 despite the opening of 27 new brances and the deployment of 74 automated teller machines (ATMs) nationwide.
RCBC closed 2017 with a footprint of 508 branches and 1,562 ATMs. – Rappler.com