RCBC bounces back after heist, net income up 11 pct at P4.3-B


Posted at Feb 13 2018 08:55 PM | Updated as of Sep 12 2018 11:02 PM

MANILA - Rizal Commercial Banking Corp (RCBC) on Tuesday reported a net income of P4.3 billion for 2017, 11.4 percent higher than the P3.9 billion it booked in 2016.

The bank said its net income in the fourth quarter of 2017 alone grew by 146 percent to P904 million compared to P368 million in the same period in 2016.

RCBC said its total consolidated resources also expanded to P556.3 billion, with total deposits growing 10 percent year-on-year to P388.9 billion.

The bank said it is optimistic about the business environment in 2018, but admitted that competition would be tough. 

"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", said Gil Buenaventura, RCBC president and CEO. 

RCBC was fined a record P1 billion by the Bangko Sentral in 2016 over the Bangladesh Bank heist, and is facing a lawsuit over the incident. 

The bank, however, said last week that it is mulling its own lawsuit against the Bangladesh Bank.