Robinsons Savings Bank posts slightly lower profit

MANILA, Philippines – Robinsons Savings Bank posted a slightly lower income of P39.9 million in first quarter of this year even as it maintained an aggressive posture in boosting assets and expanding its reach.

“Similar to what other banks may have experienced, this figure is lower than what was recorded in the same period of last year — when trading gains were high,” Robinsons Bank president and CEO Reynold Gerongay said.

According to Gerongay, the thrift banking arm of the JG Summit Group continues to look for opportunities to grow.

“The bank is committed to expand and become the best consumer bank in the country. We are always on the lookout for opportunities available in the market – whether it be acquiring another bank or exploring new businesses,” he said.

It presently has a network of 46 branches, 24 of which are strategically located in Metro Manila and 22 others are situated in key cities in Luzon, Visayas and Mindanao.

To ensure accessibility, five branches in Galleria, Ermita, Pasig Metro East, Imus and Tagaytay operate seven extended banking days from Monday to Sunday, from 10 a.m. to 7 p.m. on weekdays and up to 6pm on Saturdays and Sundays.

The bank plans to increase its branch network to 50 by yearend.

RobinsonsBank, ranked among the top 10 thrift banks in terms of assets, is seeking a trade-financing license with the Bangko Sentral ng Pilipinas (BSP) to take advantage of Circular 650 dated March 9, 2009 — Authority of Thrift Banks to Issue Foreign Letters of Credit (L/Cs).

This will allow the bank access to domestic and international businesses of subsidiaries and affiliates of JG Summit, which has been so far been transacted through domestic and foreign commercial banks.

The bank’s loan portfolio expanded 28 percent to P7 billion during the period, while deposits grew to P99.4 billion.

Assets remained at a strong P12 billion while total capital stood at P1.8 million.

Its non-performing loans (NPLs) were held down to a minimum P185 million resulting in on NPL ratio of 2.2 percent of total loan portfolio.

RobinsonsBank offers savings, current and time deposits, treasury products, unit investment trust funds (UITF) and other traditional trust products and foreign-currency denominated deposits.

The thrift bank offers commercial loans, and consumer loans such as housing, auto, personal and jewelry loans. New products are microfinancing, motorcycle financing, cash management and remittance with a tie-up with Western Union. It likewise offers banking convenience through online and mobile banking.