RCBC earns 11% higher in 2017
MANILA, Philippines — Yuchengco-led Rizal Commercial Banking Corp. (RCBC) recorded a double-digit profit growth of 11.4 percent last year after a strong performance in the fourth quarter.
The country’s 10th largest bank in terms of assets booked a net income of P4.3 billion last year, or about P400 million higher than the P3.9 billion recorded in 2016.
RCBC president and CEO Gil Buenaventura said the bank is on track and ready to take advantage of the opportunities expected from the favorable business environment in 2018.
“Our delivery channels are geared up with new branches and improved ATM systems supported by strengthened measures in anticipation of the increased client activity in 2018,” he said.
Buenaventura said “the RCBC management understands this all too well and is prepared to address this with a strong sense of urgency, as we pursue our business plans, key initiatives, and key transactions this year.”
RCBC said net interest income grew by 15 percent to P18 billion as its loan book rose by 16 percent to P353 billion.
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