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RCBC books higher Q1 profit on strong loan growth

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TWITTER_@ASKRCBC

Rizal Commercial Banking Corp. (RCBC) reported higher net profit in the first quarter supported by robust loan growth and reduction in non-performing assets.

The Yuchengco-led lender booked an unaudited consolidated net income of P1.1 billion in the January-March period, 13.1% higher than the P1 billion reported in the same period last year.

“I am pleased to report that the [first quarter 2018] results had a good start to the year,” RCBC President and Chief Executive Officer Gil. A Buenaventura was quoted as saying in a disclosure to the local bourse Friday.

“Robust loan growth of 18% and continued reduction in non-performing assets helped lead to a double-digit increase in our net income.”

The lender saw an 18% growth in its loan portfolio to P370.9 billion from the year-ago level of P314.7 billion, based on its earlier regulatory filing.

RCBC said saw “solid” growth across all segments, with corporate loans climbing 14%, small and medium enterprise loans rising 40%, and consumer loans as well as credit cards receivables expanding 17% and 34%, respectively.

This brought the bank’s net interest income improving by 16% to hit P4.8 billion from the P4.1 billion logged in a comparable year-ago period. — Karl Angelo N. Vidal