Rizal Commercial Banking Corporation (RCBC), led by the Yuchengcos, has revealed a slight improvement in its net income, reaching P6.2 billion in the first half of 2023 compared to P6.14 billion in the same period the previous year.
According to a disclosure to the Philippine Stock Exchange, the growth was supported by a 14 percent increase in loans, with total assets amounting to P1.2 trillion, marking a 17 percent increase from the prior year.
The bank’s loan expansion encompassed all segments, including SMEs and consumers, while its credit card receivables surged by 48 percent, driven by data-driven and personalized campaigns.
Total deposits also grew by 22 percent year-on-year, with CASA (Current Account and Savings Account) growing by 17 percent, attributed to the bank’s expansion efforts beyond Metro Manila.
RCBC President and CEO, Bankero Eugene S. Acevedo highlighted the bank’s outperformance of the industry, mentioning the focus on high growth segments and the enhancement of the workforce with digital and data science tools.
Acevedo also expressed enthusiasm for RCBC’s expansion with Sumitomo Mitsui Banking Corporation (SMBC), following the sale of an additional 15.001 percent stake to SMBC.
This capital infusion of P27 billion is anticipated to bolster RCBC’s capital ratios by over 300 basis points.
The bank reported a 10 percent rise in total gross income to P23.5 billion, driven by core business operations and increased fee income from retail transactions and asset sales.
As of June 2023, RCBC maintains a network of 462 branches, 1,409 automated teller machines, and 2,881 ATM Go terminals across the Philippines.