Robinsons Bank earnings up 56% in 9 months

Lawrence Agcaoili (The Philippine Star) - November 18, 2019 - 12:00am

MANILA, Philippines — Earnings of Gokongwei-led Robinsons Bank Corp. jumped by 56.4 percent to P461.28 million in the first nine months from P294.96 million in the same period last year amid higher trading and securities gains.

The bank’s total operating income went up by 20.5 percent to P3.57 billion from January to September compared to P2.97 billion in the same period last year, while expenses increased by 19.4 percent to P3.01 billion from P2.52 billion.

Robinsons Bank booked a 35.6 percent increase in interest income to P3.53 billion from P2.61 billion on account of significant improvement in loan-related activities and financial investments.

Interest on loans and receivables surged by 38.5 percent to P4.46 billion from P2.04 billion due to bigger loan portfolio this year, while interest on financial investments inched up by 5.6 percent to P819.34 million from P776.14 million due to a higher level of financial investments.

On the other hand, interest expense surged by 58.8 percent to P2.32 billion from P1.46 billion due to increase in volume of deposits and bills payable on a period-to-period basis.

The bank’s loan book reached P72.19 billion as of end-September while its deposit base amounted to P81.41 billion.

Net service fees and commission income rose 36.7 percent to P198.02 million from P44.81 million on account of higher revenues earned on fee-based activities.

Likewise, trading and securities gains reached P364.03 million from January to September, almost 31 times the P11.86 million recorded in the same period last year.

Robinsons Bank is the country’s 18th largest bank in terms of assets. It is owned by the family of the late taipan John Gokongwei.

JG Summit Capital Services Corp. controls the bank with 60 percent while Robinsons Retail Holdings Inc. owns the remaining 40 percent.

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