RCBC profit surges to P1.1B in Q3
Net income during the third quarter grew by 19% from a year ago.
The Rizal Commercial Banking Corporation (RCBC) made P1.1 billion between July-September, jumping from P893 million it booked in the same period in 2016, the bank said in a disclosure.
The strong quarterly performance brought the nine-month bottom line to P3.4 billion, with net interest income climbing by 11% to reach P13.1 billion. In fact, loans grew by 17% to hit P338 billion, led by a 34% growth in small business loans, and double-digit increases for both corporate and consumer segments.
RCBC’s operating expenses, on the other hand, stood flat at P13 billion, even as the bank opened 26 new branches and 64 new automated teller machines nationwide.
“The results of the last nine months this year have been encouraging. The increase in CASA (current account and savings account) deposits and growth in the Bank’s total Loan portfolio has helped fuel the responsiveness of our products to the market demand,” RCBC President and Chief Executive Officer Gil Buenaventura said in the statement posted at the Philippine Stock Exchange.
RCBC was made to pay a P1 billion fine by the central bank last year as its penalty for lapses that led to the money laundering case of $81 million stolen from Bangladesh.
It looks like the bank has bounced back.