RCBC Savings Bank posts 15% profit growth

RCBC Savings Bank (RSB) reported a 15-percent increase in net income in the first quarter this year to P212 million, the bank said in a statement.

RSB is the thrift and savings bank unit of the Yuchengco Group of Companies.

It is the fourth largest thrift bank in terms of assets and third in terms of loans, deposits and capital.  It has 110 branches nationwide and an ATM network of 75, of which 60 are onsite and 15 are offsite.

Current account and saving account (CASA) deposits grew 21 percent to P11 billion while foreign currency deposit unit (FCDU) deposits rose 13 percent to $101.1 million from $89.5 million.

Total capital rose to P5.5 billion while non-performing loan (NPL) ratio improved to 4.9 percent from 5.4 percent as of end-2007. Capital adequacy ratio (CAR) thus improved further to 15 percent.

However, RSB president Lope M. Fernandez said they remain cautious in their outlook for the rest of the year.

“While there are many opportunities, we prefer to take a cautious stance towards the rest of 2008,” he added.

The bank’s total assets expanded four percent from P41.7 billion in 2007 to P43.5 billion while total loan portfolio went up 12 percent from P26.9 billion to P30.1 billion, mainly driven by consumer loans, which grew 14 percent as auto loans increased 25 percent and housing loans nine percent.

Additional loan bookings of P3.9 billion were realized in the first quarter 2008.

RSB earlier forecast its full-year net income to reach P900 million, from P700 million recorded last year.