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Rizal Commercial Banking H1 net income rises 23% YOY

Rizal Commercial Banking Corp. posted a 23% year-over-year rise in net income for the first half ended June 30.

The bank on Aug. 7 reported a consolidated first-half net income of 2.7 billion Philippine pesos, up from 2.2 billion pesos in the prior-year period.

The bank attributed the rise in net income to sustained efforts in enhancing its core business, with double-digit growth in net interest income and fee-based income.

Net interest income for the first half rose 10% year over year to 10.6 billion pesos, driven by growth in the outstanding loan portfolio of key select markets. Noninterest income climbed 102% to 6.1 billion pesos on the back of stronger contributions in treasury-related and fee-based income.

The lender booked trading gains of 3.2 billion pesos and fee-based income of 2.1 billion pesos. Total operating expenses for the period rose to 10.5 billion pesos.

As of June 30, Rizal Commercial Banking's capital adequacy ratio stood at 16.13%, while its common equity Tier 1 ratio clocked in at 13.29%.

As of Aug. 7, US$1 was equivalent to 52.39 Philippine pesos.