RCBC’s 3Q profits hit Php 9 billion, assets up 12%
Rizal Commercial Banking Corporation (RCBC) closed the first 9 months of 2023 with record high revenues at Php 36 billion. Net income hit Php 9 billion on the back of a 7% improvement in core business profitability offset by significant non-recurring income posted last year. Fee income increased by 17% from year ago levels.
Total assets climbed 12% and reached Php 1.2 trillion driven by a 12% increase in customer loans with higher loan volumes across all segments. Consumer segment led the rally and rose 23% year on year. Credit cards in particular, posted 49% growth in their portfolio with new cards issued up 51% from last year. Cards-in-force recently surpassed the one million benchmark supported by data-driven acquisition and cross-sell campaigns.
“With customer experience at the heart of our digital transformation strategy, the Bank commits to deliver relevant and disruptive solutions to the market,” RCBC President and CEO Eugene S. Acevedo said. “These innovative and high-impact AI and digital use cases were key to the Bank’s sustained growth despite challenging external headwinds,” he added.
To support the Bank’s asset build-up strategy, deposits rose 13%, mostly from CASA which accounted for 83% of the increase and closed 21% higher versus previous year. Capital also went up following the P27 billion capital infusion last July boosting the CAR and CET1 ratio to 17.1% and 14.4%, respectively as of September 30, 2023.
RCBC remains to be the favored digital banking brand with a 42% increase in gross transaction volume across the Bank’s multiple digital platforms. This was further accentuated by RCBC’s 4-peat as the “Best Bank for Digital” by Asiamoney. This was on top of the 43 other awards received by the Bank year to date from its digital and sustainability initiatives, and innovative products and services.
As of September 2023, RCBC had a total consolidated network of 459 branches, 1,448 automated teller machines, and 3,426 ATM Go terminals strategically located nationwide.
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