RCBC’s Core Businesses up by 26% Driving ₱9.5B profit in 2024

Rizal Commercial Banking Corporation delivered net income of ₱9.5B for the full year 2024, with double-digit growth of 26% in net interest income and a 40% expansion in consumer loans. The Bank’s total resources reached ₱1.4T by end 2024. Net income growth, without the non-recurring gains in 2023, was at 13.6% year-on-year, as core business maintains momentum.

The bank's net interest income reached ₱42.5B, fueled by a 14% increase in loan volumes and better yields, as consumer loans contributed 40% to the ₱709.7B loan portfolio. RCBC’s total loan portfolio increased by 17.2%, outpacing the industry’s average loan growth of 11.1% as of November 2024. Credit card receivables increased by 48% in 2024, as cards in force increased by 21% and billings increased by 41%. Secured consumer loans - mortgage and auto, increased by 30% in 2024.

“We have grown our consumer loan portfolio at blistering speeds, surpassing industry. This complements our portfolio strategy while ensuring strong engagement with our customer base as their primary bank" said RCBC President and CEO, Eugene S. Acevedo. "Data analytics and digital enhancements have become key drivers for our core income growth in 2024 and will remain to be our priorities in 2025."

The bank's total resources reached ₱1.4T, up by 9.8% year on year and 13.7% 5 year CAGR. Total deposits stood at ₱1.02T with CASA-to-total deposits ratio at 52.6%. RCBC successfully raised $350M through five-year sustainability bonds. Proceeds will support green and social projects under RCBC’s Sustainable Finance Framework.

RCBC maintained a solid capital position at PHP158.5B, and capital ratios CAR of 16.08% and a CET1 ratio stood at 13.53%, maintaining healthy buffers.

RCBC was recognized as “Digital Bank of the Year” at The Asset Triple A Digital Awards, “Corporate Bank of the Year” at the Global Banking and Finance Awards and “Sustainable Innovator Award” at the Singapore Fintech Festival, a testament to its digital banking advancements and commitment to expanding financial access to underserved communities. Alongside 57 other recognitions year-to-date, RCBC has also been distinguished for its excellence in customer experience and economic empowerment.

As of December 2024, RCBC had a total consolidated network of 465 branches, 1,482 automated teller machines, and 8,426 ATM Go terminals strategically located nationwide.