Philippines' RCBC ups net income by 17%

Net income increase of 17 percent.

This is how Rizal Commercial Banking Corporation performed for the first nine months of 2012, having posted a P4.8 billion net income from P4.1 billion last year.

Net interest income grew to P8.36 billion and accounted for 49 percent of the bank’s gross income.

Total deposits grew by 7.01 percent to P233.61 billion, with low cost current and savings deposits accounting for 57 percent of total deposits in the first nine months of 2012.

Loans grew to P188.54 billion, with corporate loans up by 13.35 percent, SME loans increasing by more than 27.67 percent and consumer loans improving by 28.02 percent.

Asset quality of the bank also improved as non-performing loans ratio dropped to 1.86 percent from the previous year’s 2.13 percent.

RCBC said its capital funds grew to P43.18 billion from P40.6 billion last year. Capital Adequacy Ratio stood strong at 18.52 percent, with much leeway for asset growth from the minimum regulatory requirement of 10 percent.