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Rizal Commercial Banking reports 67% YOY increase in Q2 net income

Rizal Commercial Banking Corp. reported a 67% year-over-year increase in consolidated net income for the second quarter, supported by increases in net interest income, trading gains and fee-based income.

The bank said Aug. 10 that net income for the second quarter came in at 1.34 billion Philippine pesos, up from 806 million pesos in the prior-year period.

For the first half, the bank reported net income of 2.35 billion pesos. Net interest income for the first six months of 2017 reached 8.6 billion pesos.

Annualized net interest margin stood at 4.26%, compared to 4.06% in full year 2016.

The bank's nonperforming loan ratio stood at 1.35%, while the NPL cover was at 79.82%. The bank reported a capital adequacy ratio of 15.20% and a common equity Tier 1 ratio of 12.13%.

As of Aug. 10, US$1 was equivalent to 50.89 Philippine pesos.