Money

RCBC first quarter earnings up 15%

More loans meant better profits for the bank.

More loans meant better profits for the bank.

Rizal Commercial Banking Corp. (RCBC) reported a 15% ywar on year growth in net income to P1.3 billion, driven by a growing loan portfolio.

In a disclosure to the stock exchange, the Yuchengco-owned bank said consumer lending went up 12% to P106.9 billion while loans to small and medium enterprises also picked up to P53.8 billion.

Also driving growth was subsidiary Rizal MicroBank, whose loan portfolio expanded to P1 billion.

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