November 25, 2017 | MANILA, PHILIPPINES

Robinsons Bank net profit climbs in first 3 months

GOKONGWEI-LED Robinsons Bank Corp. (Robinsons Bank) saw both its bottom line and total assets expand in the first three months of the year, exceeding the lender’s target figures, its chief said.

Robinsons Bank President and Chief Executive Officer Elfren Antonio S. Sarte said the bank’s net income stood at P58.5 million in the first quarter of the year on the back of higher interest income during the period.

“Net income is at P58.5 million, exceeding the target for the period while almost at same level of income compared to March 2016 level. Main income driver remains to be interest income which grew by 28%,” he told BusinessWorld in a text message.

According to Mr. Sarte, the net profit also surpassed the bank’s earnings guidance of P44.7 million during the January to March period.

Meanwhile, the bank’s total assets by end-March likewise expanded to P75.1 billion, breaching the bank’s target of P73.6 billion for the period and 27% higher year on year.

The lender’s chief also said the bank’s total loan portfolio for the first three months grew 38% year on year.

At end-2016, the Gokongwei-led bank had a total branching network of 146, with most of its offices situated in the provincial area. The mid-sized lender wants to have 200 branches by 2020. -- Janine Marie D. Soliman