RCBC posts Php 6.2 billion in profits for 9M through robust loan growth

Rizal Commercial Banking Corporation (RCBC) posted an unaudited consolidated net income of ₱6.2 billion for the nine months ending September 2024, with total assets at ₱1.3 trillion and total capital at ₱158.1 billion. Core income increased by 28% due to an 11% expansion of loans, and a general improvement in yields.

The Bank’s loan expansion was primarily driven by the consumer segment, with Credit Card and Personal Loans receivables growing by 58%.  Data science and digital innovations have contributed to the growth in customer and loan volumes. Additionally, the auto loan portfolio grew by 39% as RCBC leveraged new marketing and sales strategies to expand its market reach. While consumer loans now represent 39% of the Bank’s total consumer portfolio, the Corporate and SME portfolios constitute the remaining 61%. 

The Bank’s ability to combine its core strengths with its innovative digital platforms has been key to the growth of the consumer loan portfolio. "At RCBC, we are committed to fostering growth for Filipino consumers by leveraging digital solutions that make financial services more accessible and convenient," RCBC president and CEO Eugene S. Acevedo said.

Capital ratios remained robust, with CET1 at 13.75% and CAR at 16.31%, both well above regulatory requirements and supporting continued loan portfolio growth. 

RCBC also distinguished itself by winning Finovate’s ‘Best Digital Bank’ award — reflecting its continued commitment to digital development. This is in addition to 53 other awards received within 2024 that highlight the bank’s excellence in multiple domains including sustainable finance, providing innovative loan products and implementing effective banking initiatives and campaigns. 

As of September 30, 2024: RCBC’s consolidated network numbered at 463 branches, 1,482 automated teller machines, and 7,013 ATMGo terminals strategically deployed across the country.

About RCBC
RCBC is a leading financial services provider in the Philippines offering a wide range of banking and financial products and services. RCBC is engaged in all aspects of traditional banking, investment banking, microfinance, retail financing (auto, mortgage and housing loans, and credit cards), remittance, leasing, foreign exchange, and stock brokering. RCBC is a member of the Yuchengco Group of Companies (YGC), one of the oldest and largest conglomerates in South East Asia. For more information, please visit https://www.rcbc.com