RCBC nets P2.2B in 1st-semester profit

MANILA, Philippines—The Rizal Commercial Banking Corp. grew its first semester net profit by 5.4 percent year on-year to P2.23 billion on higher interest income as well as fee-based and treasury earnings.

In a press statement on Wednesday, RCBC said its annualized return on equity in the first six months stood at 13.45 percent while annualized return on assets stood at 1.46 percent.

RCBC said it generated P5.37 billion in net interest income and P3.94 billion in other operating income.

Other operating income grew by 23.8 percent from a year ago as service fees and commissions went up by 12.6 percent. Trust fees also rose by 12.8 percent while trading and foreign exchange gains were up by 54 percent.

The bank said its net interest margin of 4.2 percent was among the highest in the industry.