Corporate Roundup

RBank profit up 27%

ROBINSONS Bank posted a 27-percent profit increase in the first quarter to P57 million.

This was attributed to the 39-percent jump in net interest income from retail and commercial lending to P271 million.

RBank’s commercial lending operations expanded by 47 percent while retail loans grew by 20 percent.

Its deposit base expanded by 37 percent to P20.2 billion, providing it with a stable funding base conducive to growth despite unfavorable market conditions.

RBank is set to get back into mainstream commercial banking after the Securities and Exchange Commission has approved its merger with Robinsons Bank Corp.

Ani invests in white corn

AGRINURTURE Inc. (Ani) is investing some P80 million in corn farming and milling, now being promoted as an alternative to rice.

Ani president and CEO Antonio L. Tiu said Ani would spend P30 million for a grain-to-grit corn mill.

The company is already propagating white corn in Luzon using technology developed by the Department of Agriculture-Institute of Plant Breeding (IPB) and the University of the Philippines Los Baños (UPLB) College of Agriculture.

It will introduce the Fresh Choice Always (FCA) white corn to the local market in July. Ani is positioning white corn as a high-fiber health food that is suitable for diabetics because of its low glycemic index.—Riza Olchondra