RCBC profit up 6% in 2013
MANILA, Philippines - RCBC Savings Bank (RSB) posted a net income of P1.154 billion in 2013, up slightly by six percent from P1.147 billion in 2012. In 2011, net earning was P1.1 billion.
RSB is the thrift bank arm of the Rizal Commercial Banking Corp (RCBC).
Net interest income grew 21 percent to P3.5 billion due mainly to robust loan growth, supported by improved low-cost funding.
The combined favorable loan growth, increase in low-cost deposits and higher other fees enabled RSB to register a higher net income after tax (NIAT) of P1.15 billion last year.
Core consumer lending business increased significantly, with a 24-percent growth in loan portfolio to P44.1 billion as of end-2013, driven by double-digit expansion in both auto and housing loans.
The bank contained its NPL ratio at 2.2 percent despite the strong growth in lending.
Net worth stood at P6.9 billion, which translated to a capital adequacy ratio (CAR) of 16.6 percent, better than 14.9 percent in the same period last year and well above the 10 percent minimum requirement of BSP.
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