outbrain
Close  

RCBC income up, deposits down amid laundering scam

/ 12:08 AM May 04, 2016

Rizal Commercial Banking Corp. (RCBC) grew its consolidated first-quarter net income by 12.4 percent to P1.8 billion, but its end-March deposit levels declined from a quarter ago amid the Yuchengco-led bank’s involvement in the recent $81-million money laundering scandal.

In a disclosure to the Philippine Stock Exchange (PSE) Tuesday, RCBC said its net interest income rose 17 percent to P4.2 billion, accounting for two-thirds of gross income during the first three months.

ADVERTISEMENT

Its loan book grew by 12 percent to P302 billion as volumes for the corporate, consumer as well as small and medium enterprise or SME segments jumped by 15 percent, 18 percent and 13 percent, respectively.

RCBC said more than four-fifths of its total interest income during the January-to-March period were interest income from its lending business.

FEATURED STORIES

At the end of the first quarter, deposits amounted P317.2 billion, the bank said in the statement.

An earlier disclosure to the PSE also on Tuesday that contained its consolidated balance sheet showed that deposit liabilities declined 7 percent to P317.4 billion as of end-March from P342.5 billion at end-2015.  Ben O. de Vera

Read Next
EDITORS' PICK
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, deposits, economy, income, money laundering scam, News, RCBC, Rizal Commercial Banking Corp.
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.