RCBC posts P4.4-B profit in 2014

ABS-CBN News

Posted at Mar 04 2015 06:59 PM | Updated as of Mar 05 2015 02:59 AM

MANILA – Rizal Commercial Banking Corp. (RCBC) posted an unaudited consolidated net income of P4.41 billion in 2014, down from the P5.31 billion net income in 2013.

RCBC said its core income excluding trading gains and extraordinary income increased by 29 percent while core lending expanded by by 21 percent to P259.3 billion.

Its net interest income reached P14.98 billion in 2014, 13 percent higher than the P13.31 billion posted the previous year.

“2014 was a challenging year for the Philippine banking industry especially with the onset of Basel 3 implementation accompanied by the low interest rate environment. Still, RCBC demonstrated consolidation in its core banking operations with the consistent uptrend in loans and deposits. The bank’s balance sheet position is now stronger than ever with Deferred Charges already written-off, sale of big-ticket Non-Performing Assets, and more than adequate capital despite a more stringent regulation,” RCBC president and chief executive Lorenzo Tan said in a statement.

“We are ready for 2015 with a revitalized confidence knowing that RCBC has the formidable business fundamentals to face all the challenges ahead,” he added.

RCBC’s distribution network grew to 449 branches as of end-2014 from 435 as of end-2013 while ATMs increased to 1,202 from 1,150 as of end-2013.

The bank said its total number of accounts expanded to 6.7 million as of end-2014 compared to 5.9 million as of end-2013.