Robinsons Bank profit up 104%

Robinsons Savings Bank (RBS) posted a 104-percent increase in net income to P97 million in the first nine months this year, from P47 million in the same period last year, for an 18 percent return on equity.

RSB now ranks 7th among thrift banks in terms of assets and deposits, 3rd in terms of returns on equity and has the lowest ratio of non-performing loans, based on the statement of conditions reported by banks to the Bangko Sentral ng Pilipinas as of June 18, 2002.

The bank attributed the rise in its profits to brisker trading activity and expense rationalization adopted by management following RSB’s acquisition last June of 20 branches of the former ABN Amro Savings Bank.

All 20 branches have been assimilated into RBS’s system in just a matter of days following the cutover-date, making the integration perhaps the shortest and most seamless among banks that went into the same systems integration process.

RSB now has a total of 27 operating branches with five more to be opened early next year. Some of these branches represent the remainder of licenses acquired by RSB from PDIC when the latter began to sell the branch licenses of closed banks.