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April 24, 2024

RCBC eyes 9% growth in SME lending to P101.5B this year

Rizal Commercial Banking Corp. (RCBC) headed by bankero Eugene Acevedo sees small and medium enterprises (SME) loan portfolio this year growing by nine percent this year on the back of global economic recovery and the stable outlook for the Philippine banking sector.

The Yuchengco-led bank sees its SME loan book hitting P101.5 billion this year from last year’s P93.4 billion.

RCBC head of the SME Banking Group Angie Tinio said that the accommodative monetary policy settings of the Bangko Sentral ng Pilipinas (BSP) will help safeguard the momentum of economic recovery, while it proceeds in creating its exit strategy from its current liquidity stance.

“Moving on from a more cautious position during the previous year, and as the economy is now reopening up, businesses are resuming and consumer spending is picking up, lending is seen to accelerate and boost revenues,” the bankero said.

The RCBC SME Banking Group (SMEBG) set a record-high in onboarding of new accounts, with a 233 percent jump in new SME accounts.

Likewise, the group’s current account/savings accounts (CASA) deposit contribution is envisioned to grow by 17 percent, with more clients seen embracing the digital realm.

Tinio said that initiatives for cross-selling and product bundling are likely to build more traction this year, with RCBC having more to offer in terms of products and services, business solutions, and cash management solutions that provide convenience of digital banking to clients.

“We foresee further intensification of the deposit business this year, with the growing roster of bundled products that combine digital cash management solutions suitable to the needs of SME customers, including the bank’s latest payment solutions PayPortal and CheckScan, as well as the impending launch of the newest payment channel QuickeR Pay,” the bankero added.

Likewise, all lending relationships and credits are vetted from an environmental and social risk perspective under RCBC’s Environmental and Social Management System.