MANILA—Rizal Commercial Banking Corp. posted an unaudited consolidated net income of Php 1 billion for the first quarter of 2017.
Annualized Return on Equity and Return on Assets stood at 6.47 percent and 0.79 percent, respectively.
Net Interest Income reached Php 4.1 billion and represented 72 percent of total gross income amounting to Php 5.8 billion.
Annualized Net Interest Margin (NIM) remained strong at 4.21 percent due to the 14 percent growth in consumer loans including credit cards with 21 percent growth.
Meanwhile, the microfinance arm of the Bank that provides financing requirements for micro and small enterprises continued its uptrend with loan disbursement growing by 40 percent and outstanding loan portfolio increasing by 56 percent.
Total fee-based and miscellaneous income increased by 25 percent to Php 1.4 billion, driven by investment banking fees and improved volume from the retail and leasing business.
Increase in total operating expenses was at 6 percent to Php 4.2 billion for the first quarter of the year, mainly in support of the on-going strategy to broaden customer reach and enhance banking convenience.
The bank pursued the expansion of its distribution network by selectively opening 14 branches and deploying 97 ATMs from April 2016 to March 2017.
This brought the consolidated network to 489 branches and 1,502 ATMs, resulting to a 3.07 branch-to-ATM ratio, one of the highest in the industry.
The bank’s asset quality remained solid with NPL Ratio of the parent bank at 0.46 percent while NPL Cover of the parent bank stood strong at 141.57 percent.
Total consolidated resources expanded to Php 526 billion while capital funds were at Php 63.4 billion. The bank’s capital position remains strong and well above the minimum requirement with a CAR of 15.62 percent and CET1 Ratio of 12.49 percent.
Total deposits at Php 364.4 billion increased by Php 47.2 billion, or 15 percent year-on-year. CASA deposits reached P215.8 billion, translating to a CASA-to-Total Deposits ratio of 59.02 percent as of the first quarter of 2017.