RIZAL Commercial Banking Corp. (RCBC) posted a consolidated net income of P12.22 billion in 2023.
It hit a record-high profit as customer loans soared by 15 percent year on year, faster than the industry average.
Current Account and Savings Account (Casa) deposits increased by 19 percent, likewise outpacing the industry’s three percent growth.
With total assets of over P1.2 trillion, RCBC solidified its position as the fifth-largest private bank in the country. Year-on-year, customer loans reached P622 billion, led by a solid 29 percent increase in consumer loans, primarily credit cards and housing.
The bank saw tremendous success in data-driven acquisition campaigns, with credit cards consistently outperforming the industry in both balances and billings with 48 percent and 45 percent growth, respectively.
Its housing loans business recorded its highest bookings to date, boosting the portfolio by 22 percent from the previous year.
Total deposits reached P957 billion, spurred by the increase in Casa across all segments.
The bank’s cash management and payroll solutions, alongside extensive business relationships, provided the double-digit uplift in low-cost Casa deposits.