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Rizal Commercial Banking Q1 net income climbs 13.1% YOY

Rizal Commercial Banking Corp. posted a 13.1% year-over-year rise in consolidated first-quarter net income to 1.1 billion Philippine pesos from 1.0 billion pesos.

The bank attributed the increase in net income to robust loan growth and a decline in nonperforming assets.

Net interest income rose 16% year over year to 4.8 billion pesos, while fees and commissions totaled 862 million pesos. Total gross income excluding impairment loses came to 6.5 billion pesos.

Operating expenses for the period amounted to 4.7 billion pesos.

The bank's net interest margin for the quarter stood at 4.07%. Its net NPL ratio was 1.17% as of March 31, down from 1.38% at March 31, 2017.

As of the end of the quarter, the bank's capital adequacy ratio and common equity Tier 1 ratio stood at 14.61% and 11.78%, respectively.

As of May 11, US$1 was equivalent to 52.60 Philippine pesos.