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RCBC net income up 11% to P4.3B in 2017

Rizal Commercial Banking Corp. posted an unaudited consolidated net income of P4.3 billion for the year ended 2017, 11.4 percent higher than the P3.9 billion reported in 2016.
Net income in the fourth quarter alone grew by 146 percent to P904 million compared to P368 million in the same period last year driven by a 27 percent growth in net interest income and a 19 percent growth in non-interest income.
For the full year 2017, net interest margin (NIM) remained strong at 4.24 percent, an improvement of 19 basis points from the 4.06 percent recorded in full year 2016.
Net interest income reached P18 billion with 15 percnt growth year-on-year. This was driven by the bank’s vibrant lending business with Total Customer Loan portfolio expanding by 16 percent to P353 billion.
All market segments sustained their growth with 12 percent growth in Corporate loans, 39 percent growth in SME Loans, 15 percent growth in Consumer Loans and 29 percent growth in Credit Card Receivables.
Rizal MicroBank (RMB), the Microfinance arm of the bank that provides financing requirements for micro and small enterprises, increased its outstanding loan portfolio by 39 percent year on year, through continuous efforts to enhance its current loan products responsive to the needs of its mandated market segments.
Total Gross Income reached P25.1 billion with Total Other Operating Income reaching P 7.1 billion or 28 percent of Gross Income. Fees and commissions, which include card related fees - both credit and debit cards, Trust fees, and Fees on investment banking and loans were at P3.4 billion, and accounted for 14 percent of total gross income.
Total operating expenses increased slowly by 2.3 percent to P17.8 billion for the year ended 2017.
The bank pursued the expansion of its distribution network by selectively opening 27 branches and deploying 74 ATMs mainly in support of its on-going strategy to broaden customer reach and enhance banking convenience.
This brought the consolidated network to 508 branches and 1,562 ATMs, resulting to a 3.07 branch-to-ATM ratio, one of the highest in the industry.
Total consolidated resources expanded to P556.3 billion. Total deposits grew by 10 percent or P35.3 billion year-on-year to P388.9 billion.
The bank’s capital funds stood at P67.1 billion and well above the minimum regulatory requirement with a CAR of 15.47 percent and CET1 Ratio of 12.46 percent.
The bank’s asset quality remained stable with NPL ratio at 1.25 percent, lower than the 1.41 percent NPL Ratio as of end-3Q17.

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