Rizal Commercial Banking Corp. secured an approval from the Bangkok Sentral ng Pilipinas to retire P10 billion worth of debt ahead of schedule.
RCBC said in a disclosure to the Philippine Stock Exchange Tuesday the central bank approved its request to exercise its call option on September 26 this year to redeem P10 billion if 5.37 percent Tier 2 Capital notes prior to maturity. The notes are due on September 2024.
RCBC said the transaction was subject to compliance with the conditions set by the BSP.
RCBC in January raised P15 billon from the issuance of peso green bonds to support the bank’s expansion and environmental projects.
RCBC posted a 15-percent jump in net income to P1.3 billion in the first quarter of 2019 from P1.1 billion a year ago on the strength of the core businesses. Net interest income increased 10 percent on year, while fee-based income grew 31 percent.
Loans to small and medium enterprises rose 12 percent to P53.8 billion. Its subsidiary, Rizal Microbank, improved its loans to small businesses by 20 percent to P1 billion.
Total resources rose 14 percent to P664.7 billion, while total deposits jumped P21.4 billion on year to P416 billion, with CASA reaching P229.2 billion.
Capital funds stood at P83.3 billion and well above the minimum regulatory requirement with a CAR of 16.14 percent and CET1 ratio of 13.34 percent.