Rizal Commercial Banking Corp. (RCBC), the financial arm of the Yuchengco Group, said its first-quarter net income grew 10 percent year-on-year to P2.43 billion from a year ago, boosted by strong core business performance and consumer loan growth.
Gross revenues climbed 20 percent to P14.7 billion, led by net interest income which jumped 29 percent to P12.3 billion and improved customer loan portfolio which expanded 12 percent.
Consumer loans increased 39 percent, led by a 44-percent rise in credit card receivables. Housing and auto loans rose 24 percent and 45 percent, respectively.
Service fee income climbed 26 percent year-on-year on the back of higher credit card usage and greater volume of loan transactions.
“Our fast-growing consumer portfolio is boosted by data science and analytics, leading customer acquisition in the right segments,” said RCBC president and chief executive Eugene Acevedo.
“We continue to engage customers using our data-driven approach, providing solutions tailored to their needs and preferences,” said Acevedo.
Total resources reached P1.3 trillion, up 9 percent from last year, driven by the loan book expansion.
Deposits hit P972 billion, with a CASA ratio of 50 percent.
RCBC said it continues to grow its presence with 469 branches, 1,468 ATMs and 5,855 ATM Go terminals nationwide.
The bank expects the Philippines economy to remain resilient and an ideal market for building investments.
“These are exciting, albeit challenging, times,” RCBC chief economic Michael Ricafort said.
“While the global economy wrestles with high inflation and slower growth, the Philippines remains one of the fastest-growing economies in Asia, backed by favorable demographics, strong remittances, and a thriving BPO sector,” said Ricafort.
Ricafort said the investment condition over the near term is stable, as credit ratings remain strong while inflation is easing and the peso strengthening.
