RCBC H1 net profit climbs 25%

ABS-CBN News

Posted at Aug 09 2010 10:23 AM | Updated as of Aug 09 2010 06:23 PM

MANILA, Philippines - Rizal Commercial Banking Corp.'s(RCBC) net profit in the first half went up by 25% in the first half from a year ago to P2.11 billion, boosted by higher net interest income, fees and trading gains.

Based on its reported first quarter net income of P975 million, RCBC's earnings in the second quarter stood at P1.135 billion.

In the six months to June, RCBC's net interest income climbed 11% from the year before to P5.48 billion.

Operating income during the period grew by 19.7% to P3.19 billion, due largely to a healthy growth in commissions, trust fees, service fees and trading gains.

RCBC is the banking arm of the Yuchengco Group of Companies. The bank also has a strong presence in the remittance business with several remittance subsidiaries and tie-ups in North America, Europe and Hong Kong.

Shares of RCBC which are listed at the Philippine Stock Exchange, were 1.3% higher in early trade at P23.20 a piece.