Rizal Commercial Banking Corp., the ninth-largest lender in terms of assets, said net income in the first quarter 2020 jumped 77 percent year-on-year, bucking the threats posed by the coronavirus disease 2019 pandemic.
“Rizal Commercial Banking Corp. sustained its strong momentum in the first quarter of 2020… The robust performance of the core business and trading gains boosted the bottom line to reach P2.3 billion,” the bank said in a statement Monday.
RCBC’s annualized return on equity improved to 11.1 percent and annualized return on assets to 1.28 percent.
Gross revenues rose 23 percent year-on-year to P10 billion as net interest income and non-interest income climbed 19 percent and 29 percent, respectively. Interest income from loans and receivables grew by 12 percent on the back of strong volume growth and sustained margins across all customer segments.
