Rizal Commercial Banking Corp.'s consolidated net income for the first half slipped year over year to 2.2 billion Philippine pesos from 2.35 billion pesos.

The bank said Aug. 10 that excluding nonrecurring income, core income grew 47% compared with last year, reflecting continued growth in earnings from core businesses.

Net interest income rose 12% year over year to 9.7 billion pesos from 8.6 billion pesos, while fees and commissions totaled 1.8 billion pesos.

The bank posted an annualized net interest margin of 3.98%, down from 4.26%.

The bank's net loans and receivables grew by 14% to 372 billion pesos. Rizal MicroBank, the bank's microfinance unit that provides financing requirements for micro and small enterprises, increased its outstanding loan portfolio by 27% year over year.

Total operating expenses increased to 9.6 billion pesos from 8.7 billion pesos. Total gross income amounted to 12.8 billion pesos from 12.4 billion pesos, while other operating income decreased to 3.1 billion pesos from 3.78 billion pesos.

The bank's asset quality remained well-managed as its consolidated NPL ratios stood at 1.18%, compared with 1.35% in the prior-year period. NPL coverage improved to 100% from the previous year's 80% at the consolidated level and 151% at the parent bank level.

As of Aug. 10, US$1 was equivalent to 53.18 Philippine pesos.