By Ted P. Torres
The Philippine Star 02/21/2007
Rizal Commercial Banking Corp. (RCBC) has reported an unaudited net income of P2.011 billion last year, or 23 percent better than the P1.63 billion registered in 2005.
In a statement, the Yuchengco-led commercial bank also said it experienced a 23-percent growth in its asset base to P227.3 billion compared to P185 billion in 2005.
The asset value of the bank ranked it eighth in the industry, one notch better than the ninth position it held in 2005.
RCBC said the 2006 performance was buoyed by the growth in financial market assets, growing 44 percent to P61 billion and strengthening the bank’s liquidity position.
The growth in income and asset base was attributed to RCBC’s intensified efforts at generating more income from its core lending business and a larger securities portfolio.
Lending in 2006 reached P82 billion, or 11.4 percent higher than the P73.7 billion in 2005. The bank was ranked sixth biggest lender within the commercial banking system, from its eighth position in 2005.
Growth is further complemented by a healthy increase in total deposits to P157.4 billion, or 18 percent higher than the P133.2 billion in the previous year, retaining the bank’s seventh overall position among the commercial banks in terms of deposits.
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