Robinsons Bank nets P181 million in H1

MANILA, Philippines — Earnings of Gokongwei-led Robinsons Bank Corp. slipped 14.6 percent to P180.6 million in the first half despite the strong performance in the second quarter.

The bank’s operating expenses went up by 18.2 percent to P1.9 billion while its total operating income grew by 12.1 percent to P2.15 billion.

Robinsons Bank booked a 35.6 percent increase in interest income to P3.53 billion due to significant improvement in loan-related activities and financial investments.

Interest on loans and receivables jumped by 41.7 percent to P2.89 billion due to bigger loan portfolio this year, while interest on financial investments went up by 16.7 percent to P584.68 million due to a higher level of financial investments.

On the other hand, interest expense surged by 81.8 percent to P1.65 billion due to increase in volume of deposits and bills payable on a period-to-period basis.

Net service fees and commission income grew by 46.6 percent to P119 million on account of higher revenues earned on fee-based activities.

Trading and securities gains reached P141.52 million or more than 10 times the P13.63 million recorded a year ago, while foreign exchange gains plunged to P19.45 million from P109 million.

In the second quarter, net income of Robinsons Bank jumped by 32.2 percent to P118.82 million due to higher interest and non-interest earnings.

Owned by taipan John Gokongwei, Robinsons Bank is the country’s 18th largest bank in terms of assets.   It is 60 percent owned by JG Summit Capital Services Corp.  and 40 percent by Robinsons Retail Holdings Inc.