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July 21, 2024

RCBC Q1 profit jumps 36% to P2.1B

Rizal Commercial Banking Corp. (RCBC) led by bankero Eugene Acevedo booked a 36 percent jump in net income to P2.1 billion in the first quarter of the year on the back of its robust core business growth.

“We are confident that we can sustain this performance as we step up our efforts to strengthen the bank’s core, and continuously explore opportunities to provide the best customer experience,” the bankero said.

RCBC reported a 19 percent expansion in total gross income to P9.9 billion from January to March this year fueled by the 25 percent jump in net interest income.

The Yuchengco-led bank said customer loans climbed by seven percent, while corporate lending increased by eight percent and disbursements to small and medium enterprises (SMEs) grew by 16 percent.

According to the listing bank, earning assets jumped by 35 percent, while its investment securities portfolio more than doubled during the first quarter of the year.

RCBC managed to keep the rise in operating expenses at 3.4 percent, helping improve the cost to income ratio to 59 percent.

The bank owned by the family of the late taipan Alfonso Yuchengco continued to reinforce its credit buffer, hiking it by 70.9 percent to P1.6 billion in the first quarter of the year from P936 million in the same quarter last year.

Its total assets expanded by 20 percent to P962 billion, while total capital base reached P109 billion, translating to a capital adequacy ratio (CAR) of 14.8 percent and a common equity tier 1 (CET-1) ratio of 11.7 percent.

The bank’s return on equity (ROE) improved to eight percent, while its return on assets (ROA) increased to 0.9 percent.

In end March, RCBC had 444 branches as well as 1,253 ATMs and 1,239 ATM Go terminals nationwide.