RCBC Q4 income doubles to hit nearly P1B
This bank has bounced back on its feet.
The Rizal Commercial Banking Corporation (RCBC) said it made P904 million in the fourth quarter of 2017, representing a more than double increase from the P368 million booked during the same period in 2016.
Net interest income grew by 27 percent, while non-interest profits surged by 19 percent, RCBC said in a disclosure.
For full-year 2017, the listed bank owned by the Yuchengco clan booked P4.3 billion in consolidated net income, up by 11.4 percent from the P3.9 billion made in 2016.
Growth across all loan segments fueled higher RCBC profits, with total portfolio rising by 16 percent to reach P353 billion. Corporate debt grew by 12 percent while consumer loans by 15 percent. Lending to small scale enterprises posted the biggest pickup at 39 percent.
Gross income reached P25.1 billion for the full year. Operating expenses, meanwhile, inched up by just 2.3 percent to reach P17.8 billion.