Rizal Commercial Banking Corp., the 10th largest lender in terms of assets, said unaudited consolidated net income in the first half jumped 23 percent to P2.7 billion from P2.2 billion year-on-year on the sustained strength of core businesses.
The bank said in a disclosure to the stock exchange Wednesday the strong growth in net income resulted from sustained efforts in strengthening the bank’s core business with double-digit growth in net interest income by 10 percent and fee-based income by 23 percent.
Bank president and chief executive Eugene Acevedo said the first half was a testament of how RCBC had re-established its presence and became stronger through the years.
“We are happy with the double-digit growth in income, a result of our consistent focus on strengthening the bank’s core business. However, I believe that there is more we can do and achieve. Moving forward, focusing on consumer loans and the SME sector will be key for us to fight our way back,” Acevedo said.