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FICOBank Registers 5.22% Growth in Net Income for H1 of 2018

Despite the country’s rising inflation rate and waning economic growth for the second quarter of the year, FICOBank remains profitable in its business operations. It ably registered a 5.22-percent growth in net income for the first six months of 2018.

With a net income of Php77.43 million, in comparison to the Php73.59-million bottom line for the same period last year, the Bank enjoys an increment of Php3.84 million, or 5.22 percent. And, in reference to the Php74.56-million target in net income for the first semester, the Bank has a 104-percent performance rating.

The said growth in net income can be attributed to the strategies of the Bank in the management of its assets and liabilities, as well as its revenues and expenses. The same allowed the Bank to handle pricing, control costs and manage profitability. The increase in sales of its financial products, which is coupled with a substantial growth in low-cost deposits and high-earning loans, has likewise significantly contributed to the said net income.

Barring any unforeseen events, and expressing optimism that its bottom-line trend will continue for the rest of the year, the Bank expects a net income of at least Php138.0 million at end of the year.

 

 

 

 

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