Rcbc plaza (Photo credit: Wikipedia)Rizal Commercial Banking Corp. (RCBC) registered an 18-percent increase in net earnings in 2011 to P5.01 billion from P4.25 billion in 2010.
In a statement, the bank said huge gains were realized from trading, service fees, commissions and trust fees which grew to P7.11 billion, representing 74 percent of non-interest income.
Meanwhile, net interest income stood at P10.75 billion, slightly lower than the P10.8 billion in 2010.
RCBC officials said the bank continued to build on its financial strength following a deliberate strategy of prudent balance sheet management.
Total consolidated resources reached P345.77 billion, or 8.06 percent higher than the prior year.
Loans grew to P184.67 billion with corporate accounts rising 30 percent, SME loans by 37 percent, and consumer loans by 15 percent. Net interest margin was high at 4.09 percent.
Its non-performing loan (NPL) ratio dropped to 1.47 percent from the previous year’s 3.10 percent. Likewise, NPL provisioning coverage improved to 103.4 percent.
Capital funds grew 25.10 percent to P40.55 billion from P32.41 billion a year ago on the back of higher earnings and the P5.8-billion Tier 1 equity investments by the World Bank’s International Finance Corp. (IFC) and CVC Capital Partners, one of the top five largest private equity firms in the world.
The consolidated capital adequacy ratio (CAR), an international measure of estimating the general health of a bank, stood at 19.31 percent as of end-2011, with much leeway for asset growth from the minimum regulatory requirement of 10 percent. The CAR Tier 1 ratio of 14.58 percent also exceeded the BSP’s six percent requirement.
Total deposits ballooned to P255.46 billion as the bank continued to focus on growing its low cost deposits, which grew 20.33 percent, while prudently reducing higher costing time deposits.
Operating expenses reached P12.15 billion as the bank continued to expand its branch and ATM network in order to increase reach and improve customer convenience.
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