RCBC more than doubles income to

Rizal Commercial Banking Corporation (RCBC) posted an unaudited consolidated net income of 3.01 billion for the first three quarters of 2014, representing 114 percent increase in core operating income.

The bank said core income excludes trading gains and last year's extraordinary net gains totaling 927 million coming from the sale of non-performing assets and equity investments.

“RCBC remains firmly on- track with its long-term goals. The Bank’s focus is on growing the more sustainable business models,” said RCBC President & CEO Lorenzo V. Tan.

He said “our numbers demonstrated consistent and solid growth in our loans and deposits whose gains are reflected in our NIM, one of the highest in the industry. We have strengthened the Bank’s Capital and will continue to do so to support our growth especially in preparation for the upcoming ASEAN financial integration.”

RCBC continued to strengthen its core businesses with net interest income reaching 11.24 billion, up 17 percent versus the 9.59 billion for the same period last year.

Annualized net interest margin (NIM) improved by 14bps to 4.31 percent as against 4.17 percent for the same period last year notwithstanding the intense pricing competition and low interest rate environment.

The bank’s loan book excluding interbank loans expanded by 20 percent to 244.8 billion with all market segments sustaining their growth momentum.

Average loans of corporate, consumer, and SME increased by 21 percent, 22 percent, and 36 percent, respectively. Microfinance lending thru Rizal Microbank continued to advance with loan disbursements growing by 21 percent and outstanding loan portfolio