RCBC nets P3.17B in first half of 2013

Yuchengco-led Rizal Commercial Banking Corp. grew its first half net profit by 5.18 percent year-on-year to P3.17 billion on higher interest earnings.

This translated to an annualized return on equity of 14.35 percent and return on assets of 1.73 percent, the bank reported to the Philippine Stock Exchange on Monday.

“Once again, our first half performance demonstrated the bank’s focus on strengthening our core businesses,” said RCBC president Lorenzo Tan.

Net interest income reached P6.18 billion, higher by 12.5 percent than the level last year. Despite intense pricing competition, the low interest rate environment and prudent credit stance during the first semester of 2013, RCBC’s net interest margins improved to 4.11 percent from 3.8 percent in the same period last year.

Meanwhile, total fee-based and miscellaneous income increased by 24 percent to P2.83 billion.