Article: PHILIPPINES' RCBC REPORTS US$16.3 MLN NET INCOME IN Q1.(Financial report)

MANILA, May 6 Asia Pulse - The Rizal Commercial Banking Corporation (RCBC) (PSE: RCB) reported a net income of P780 million (US$16.3 million) for the first quarter of 2009 which is slightly higher than the P773 million registered in the same period last year.

In a disclosure to the Philippine Stock Exchange (PSE) Wednesday, RCBC attributed the substantial growth in net income to the higher net interest income from the parent bank by P259 million or 18 per cent higher than 2008.

Its lending business also sustained its strong performance as interest income from loans registered a growth of 32 per cent resulting from increased volumes and better yields.

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