RIZAL COMMERCIAL Banking Corp. (RCBC) said it listed about P2.5 billion worth of long-term negotiable certificates of deposit (LTNCDs) on the Philippine Dealing & Exchange Corp. (PDEx) Friday.

In a statement e-mailed to reporters on Friday, RCBC said its P2.502 billion worth of LTNCDs have interest rate of 3.750% per annum.

LTNCDs, like regular time deposits, offer higher interest rates but unlike time deposits, cannot be pre-terminated. Being “negotiable” means that these can be sold on the secondary market.

“The purpose of the issuance of the RCBC LTNCD is to expand the Bank’s long-term deposit base and support long-term asset growth and other general funding purposes,” the Philippine Dealing System was quoted as saying in a statement.

RCBC’s net profit hit P2.35 billion in the first half, down nearly 10% from a year earlier.

Net interest income was P8.6 billion, which accounted for 70% of its total gross income of P12.4 billion during the period.

Meanwhile, second-quarter net profit rose 67% to P1.34 billion on the back of a 16% rise in net interest income as well as a 56% increase in trading gains and a 140% rise in fee-based income.

The listed lender has a branch network of 495, with 1,511 ATMs.

RCBC shares lost 50 centavos or 0.99% to close at P50 on Friday. – Janine Marie D. Soliman

RELATED ARTICLESMORE FROM AUTHOR