RCBC earnings slide to P6.2 B in Jan-Sept

Rizal Commercial Banking Corp. (RCBC) reported a net profit of P6.22 billion from January to September, 31.1 percent lower compared to the P9.03 billion recorded in the comparable period last year.

- KEISHA TA-ASAN

For the third quarter alone, earnings of the Yuchengco-led bank went down by 37 percent to P1.77 billion from P2.81 billion in the same quarter last year.

In a regulatory filing, the bank said its lower income during the period was mainly due to a decline in other operating income and foreign exchange losses.

On the other hand, the bank's net interest income grew by 27.5 percent to P30.9 billion in the nine-month period from P24.25 billion a year ago.

Interest income grew by nearly 22 percent to P58.5 billion driven by the growth in volume and better average yields. Loans and receivables went up by 25.6 percent to P44.8 billion while investment securities increased by 24.5 percent to P12.09 billion.