RCBC posts 24% profit growth

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MANILA, Philippines—Yuchengco-led Rizal Commercial Banking Corp. grew its net profit last year by 24 percent to P6.21 billion on higher interest and fee-based income, and hefty treasury gains.

RCBC also firmed up a deal with International Finance Corp. for the purchase of $100 million worth of additional shares in the bank. A separate agreement was finalized to unload P5 billion worth of non-performing assets (NPAs) to a consortium that also includes IFC.

On its 2012 results, the bank’s profit translated to a return on equity of 15.52 percent and a return on assets of 1.77 percent.

Despite pressures on margins in a record-low interest rate environment, RCBC reported that its net interest income had grown by 6.5 percent to P11.45 billion. The bank ended last year with a loan book of P190 billion, 3 percent higher than the level of loans and receivables booked in 2011.

The growth in RCBC’s lending activities was supported by the expansion in lending to consumers (25 percent), small and medium enterprises (37 percent) and corporate loans (8 percent).

Net interest margin was 3.95 percent, one of the highest in the industry.

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  • http://profile.yahoo.com/QTVMMV3EWVYIFKLY4M5EYFAQB4 CN

    Don’t
    deposit in RCBC. Don’t forget the Pacific Plans pre need scandal
    wherein the Yuchengcos earn lots of money at the expense of Pre-need
    planholders. Why would the planholders suffer for their wrong management
    of Pacific Plans? I am not a victim but I feel for those who were
    oppressed by this family, whose hard-eaned money they save in the hope
    that their sons/daughters can get to College to pursue their dreams. All
    of it gone with the wind.

    As for me, I don’t want to entrust my money with this kind of people.
    They are earning millions of Pesos while those Pacific Planholders and
    their children are still poor because they weren’t able to go to College
    because the Yuchengcos doesn’t want to pay, doesn’t want to own up to
    their responsibilities. I hope that we Filipinos unite in this. To show
    the strenght of the masses against business establishments who stole the
    money of our fellow Filipinos.

    Mabuhay ang Pilipinas, mabuhay ang mga ordinaryong manggagawa na
    pinaghihirapan ang kinakain nila at hinde galing sa pera ng iba.

    RIP RCBC

    Edit
     

  • bogli_anakdami

    uy… laki kita ng bangko… sori, mga flip gung gongs, kang kong pa rin ang ulam ninyo mamaya…

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