Finance



By Janine Marie D. Soliman,
Reporter


Robinsons Bank says first-half net income hits P150.7 million




Posted on July 19, 2017


GOKONGWEI-LED Robinsons Bank Corp.’s net income in the first six months of the year has already surpassed its profit for the full year 2016, the lender’s chief said.

To date, Robinsons Bank has 127 total branches, after finishing 2016 with 115 branches.
“Actually, our 1st sem 2017 NI (net income) performance will exceed our 2016 level. Our asset base will reach P85 billion,” Robinsons Bank President and Chief Executive Officer Elfren Antonio S. Sarte told BusinessWorld in a text message.

He said the bank’s bottom line reached P150.7 million in the first semester of the year, rising by 25.3% compared to end-2016’s level of P120.3 million.

“Income drivers remain to be growth in our loan portfolio both corporate and consumer loans,” Mr. Sarte said.

Robinsons Bank’s net interest income booked a double-digit growth of 30.8% to P1.78 billion in the first six months of the year from the P1.36 billion booked last year.

“This increase is mainly due to the growth in our loan portfolio wherein our [year-on-year] growth hit 52%,” Mr. Sarte said.

“As of end-June 2017, our loan portfolio is at P41.5 billion from P27.3 billion same period last year. Total deposits is at P70.6 billion, an increase of 31.1%. Total assets of the Bank is now at P85.3 billion,” he added.

To date, Robinsons Bank has 127 total branches, after finishing 2016 with 115 branches.

The lender has said it will soon foray into the credit card business by yearend as it is already preparing for the official rollout of cards to its clients.

Robinsons Bank had recently raised P4.182 billion from its long-term negotiable certificates of deposits (LTNCD), which was more than its initial P3-billion offer size on the back of strong appetite for the debt notes.

The LTNCDs were offered from May 23 until June 2. Like regular time deposits offered by banks, LTNCDs offer higher interest rates. However, LTNCDs cannot be pre-terminated but can be sold on the secondary market, making them “negotiable.”

The peso-denominated issue will mature on Dec. 16, 2022 with a coupon of 4.125%, payable every quarter.