Despite sustained core business growth and a higher earning asset base, the net profit of listed Rizal Commercial Banking Corp. (RCBC) shrank to P1.6 billion in the first three months of this year. The figure was 30.43-percent less than in the first quarter of 2020, when the Yuchengco-led lender earned P2.3 billion. Fee income improved by 48 percent in the first quarter, thanks to a rise in fees from investments and retail transactions. RCBC said it kept a tight watch on operating expenses, resulting in a 2- percent jump year-on-year. PNB shares dropped by 10 centavos or 0.57 percent to close at P17.50 each on Friday.

Source: Manila Times May 14, 2021 16:49 UTC