RCBC Q3 net income up on higher lending

Rizal Commercial Banking Corp. (RCBC) on Monday said increases lending activity buoyed its net income in the third quarter of the year.

The Yuchengco-led lender noted a P1.11-billion net income in July to September, up 11 percent from P995 million a year earlier and 20 percent higher than the second quarter.

Net interest income rose to P4.0 billion, up 10 percent from P3.66 billion year-on-year and 5 percent from the previous quarter.

RCBC's net non-performing loans (NPL) ratio declined to 0.27 percent from the 0.49 percent.

“The bank’s quarterly net interest income and fee income have been increasing consistently from quarter to quarter this year despite the competitive environment,” RCBC President and CEO Lorenzo V. Tan told the Philippine Stock Exchange.

Year-to-date, net income grew by 21 percent to P3.64 billion from P3.01 billion in the first nine months of 2014.

RCBC announced in October it successfully raised $310 million from selling bonds. – Jon Viktor Cabuenas/VS, GMA News