RCBC Savings Bank income hits P892 M

MANILA, Philippines - RCBC Savings Bank (RSB) has reported net income for the first nine months of 2013 grew by a modest four percent to P892 million. RSB is the thrift bank arm of the Rizal Commercial Banking Corp. (RCBC).

According to RSB president Rommel S. Latinazo, the positive increase was due mainly from the sustained growth in the bank’s consumer lending business as its loan portfolio grew by 26 percent to P41.7 billion end September.

The portfolio in turn was boosted by a 22-percent jump in retail housing loans and complemented by a 12-percent increase in auto loans.

Net interest income grew to P2.5 billion from the P2.1 billion in the same period last year.

Non-interest income increased by 10 percent to P1.3 billion, as other fee-based and miscellaneous income more than covered the lower trading gains from fixed income securities realized for the period. 

Total resources increased by 13 percent to P65.4 billion, supported by a 35-percent increase in low-cost CASA deposits to P25.9 Billion.

Net worth stood at P7.4 billion with the capital adequacy ratio (CAR) improving to 17.1 percent.

Non-performing loan (NPL) ratio also improved to 2.3 percent compared to the 3.9 percent reported for the same period last year.

RSB opened five branches and three extension offices, and installed an additional 50 ATMs from January to September this year. Thus, total branch and extension offices ballooned to 144 branches and extensions offices, 16 lending centers and desks, and a network of 336 ATMs nationwide.  

Likewise, RSB has moved to its new corporate headquarters and main business center at RCBC Savings Bank Corporate Center located at the Bonifacio Global City in Taguig.           – Ted Torres