RCBC’s net profit up by 11.4 percent at P4.08B in first 9 months

MANILA, Philippines—The Yuchengco-led Rizal Commercial Banking Corp. posted a net profit of P4.08 billion in the nine months to September, up 11.4 percent from the same period in 2012 boosted by higher loan portfolio.

In a press statement on Wednesday, RCBC reported that its nine-month net interest income was stable at P8 billion while other operating income rose by 11.4 percent to P7.13 billion in the nine-month period from its year-ago level.

The bank’s other income grew 33.78 percent on year while trust fees went up 19.2 percent.

Its loans to companies grew by 15.54 percent while loans granted to small and medium enterprises were up 23.48 percent, bolstering total loans to P166.92 billion.

In terms of asset quality, bad loans improved to 2.13 percent as a ratio of total loans from 5.46 percent in the year-ago period.

Investments made by the International Finance Corp. and CVC Capital Partners in RCBC helped build the bank’s capital funds to P41.19 billion, up 22.97 percent from a year earlier.

As of the end of September, the RCBC’s capital adequacy ratio stood at 20.26 percent, exceeding the 10 percent minimum requirement set by the central bank.