Earnings of Eastwest, RCBC fall
Gotianun-owned East West Banking Corp. and the Yuchengco-led Rizal Commercial Banking Corp. (RCBC) both reported lower net earnings in the nine months to September.
In separate disclosures, both banks said profit declined to P3.2 billion.
EastWest’s nine-month profit fell by 13 percent from a year ago due to lower revenues from its rural banking arm and the absence of one-off gains.
The suspension of EastWest Rural Bank’s lending program for public school teachers weighed on the bank’s bottomline.
Net interest income rose by six percent to P14.5 billion even as fees and commissions declined by 16 percent from a year ago.
Meanwhile, RCBC’s net income dipped from P3.4 billion last year due to pale trading gains. Core income grew by 42 percent on higher loan revenues.