RCBC Q1 net drops 39% on higher costs

By Brix Lelis

May 14, 2024 12:26 am

RIZAL Commercial Banking Corp. (RCBC) on Monday reported a net income of P2.2 billion for January to March, down 39 percent from P3.6 billion a year earlier, as higher expenses offset a strong increase in revenues.

Revenues from core businesses totaled P11.6 billion, with net interest income growing by 32 percent to P18.9 billion and fees surging by 44 percent to P2 billion.

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