RCBC logs P2.2B net income

Business.
Business.(Business File photo)

RIZAL Commercial Banking Corp. (RCBC) reported an unaudited net income of P2.2 billion in the first three months of 2024.

This was on the back of a solid increase in revenues from core businesses to P11.6 billion as net interest income went up by 32 percent and fees by 44 percent.

Total assets reached P1.23 trillion as of March 31, 2024, up by seven percent boosted by the 13 percent jump in earning assets.

This was mostly driven by the loan expansion, especially in the consumer segment.

Backed by data-driven acquisition and cross-sell campaigns to manage portfolio quality, credit cards remain as the bank’s fastest-growing segment which soared by 55 percent, outperforming the industry’s 30 percent.

Similarly, credit card billings closed 42 percent higher versus the industry’s 17 percent.

Meanwhile, personal and salary loans more than doubled from last year as the bank continues to enhance customer experience across its platforms. Deposits sustained their momentum and closed 12 percent higher at P959 billion.

Current account savings account deposits climbed 13 percent amid a stronger push for various cash management initiatives, coupled with client acquisition programs. / PR

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