RCBC says bottom line rose by 146% in Q4 2017

Rizal Commercial Banking Corp. (RCBC) posted a 146-percent increase in bottom line in the fourth quarter of 2017, driven by the bank’s lending business.

Net income reached P904 million in the fourth quarter last year versus P368 million a year earlier, RCBC said in a regulatory filing submitted by corporate planning head and corporate information officer Ma. Christina Alvarez.

Full-year 2017 net income totaled P4.3 billion, up by 11.4 percent from P3.9 billion in 2016.

Net interest income grew 15 percent to P18 billion, driven by a 16-percent increase in total customer loan portfolios at 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,” the bank said.

RCBC president and CEO Gil Buenaventura noted the lender is optimistic to sustain its growth moving forward. “The Bank is on track and ready to take advantage of the opportunities expected from the favorable business environment in 2018,” he said.

“Our delivery channels are geared up with new branches and improved ATM systems supported by strengthened security measures in anticipation of the increased client activity in 2018,” he said. —Jon Viktor Cabuenas/VDS, GMA News