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Rizal Commercial Banking posts 12.43% YOY increase in Q1 net income

RizalCommercial Banking Corp.'s consolidated net income for the firstquarter jumped 12.43% year over year.

The bank reported net income of 1.80 billion Philippine pesos,higher than the 1.60 billion pesos recorded in the prior-year period.

Net interest income rose 17% to 4.21 billion pesos, whilenet interest margin improved 12 basis points to 4.27% from 4.15% in 2015. Otheroperating income reached 2.11 billion pesos and accounted for 33% of grossincome.

The bank's consolidated nonperforming loan ratios stood at0.82%, while NPL cover was at 100.77%.

The bank posted a capital adequacy ratio of 16.26% andcommon equity Tier 1 ratio of 13.05% at the end of the period.

As of May 2, US$1 wasequivalent to 47.03 Philippine pesos.