Rizal Commercial Banking Corp., the tenth-largest lender in terms of assets, said Thursday unaudited consolidated net income rose 13 percent in the first quarter to P1.1 billion from P1 billion a year ago.
Net interest income grew 16 percent to P4.8 billion, bolstered by the bank’s vibrant lending business with total customer loan portfolio expanding 18 percent to P370.9 billion.
All market segments sustained solid growth with a 14-percent growth in corporate loans, 40 percent growth in SME loans, 17 percent growth in consumer loans and 34-percent growth in credit card receivables.
“I am pleased to report that the first-quarter 2018 results had a good start to the year. Robust loan growth of 18 percent and continued reduction in non-performing assets helped lead to a double-digit increase in our net income,” RCBC president and chief executive Gil Buenaventura said in a statement.
“We believe we are well-positioned for a strong year, the quarter is on pace with the target income for 2018 and we look forward to carrying this momentum,” he said.