RCBC says profit fell 24% to P3.86b

posted February 17, 2017 at 07:33 pm by Julito G. Rada February 17, 2017 at 07:33 pm

RIZAL Commercial Banking Corp., the ninth-largest lender in terms of assets, said net income in 2016 declined 24 percent to P3.86 billion from P5.1 billion a year ago. The bank in a statement Friday said the full-year performance translated into a return on equity of 6.4 percent and return on assets of 0.77 percent. RCBC president and chief executive Gil Buenaventura said 2016 was a very challenging year in the history of RCBC.“But through it all, the bank emerged stronger and more resilient, having tested to its full capability all its resources. Now more than ever, RCBC is better-equipped, having instituted stronger measures and controls to protect the interests of all its clients,” Buenaventura said. Net interest income reached P15.7 billion and accounted for 69 percent of total gross income amounting to P22.81 billion.

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