Rizal Commercial Banking Corporation posted a 36 percent growth in unaudited consolidated net income to P2.1 billion for the first quarter of 2022 from the same period last year.

In a disclosure to the Philippine Stock Exchange, the bank said net income continued on an upward trajectory, with a 23 percent increase from the previous quarter, buoyed by robust core business growth.

Total gross income expanded by 19 percent year-on-year to P9.9 billion driven by the 25 percent rise in net interest income.

This was on the back of higher earning assets by 35 percent as customer loans climbed by 7 percent, while the investment securities portfolio more than doubled during the period.

Keeping the momentum, the Bank built up loans primarily from the corporate and SME segments, increasing by 8 percent and 16 percent, respectively.

Supporting this asset growth is the 16 percent jump in low-cost current account and savings account (CASA) deposits which led to an uplift in net interest margin to 4.1 percent.

"We are confident that ute can sustain this performance as step up our efforts to strengthen the Bank's core businesses, and continuously explore opportunities to provide the best customer experience," RCBC President and CEO Eugene S. Acevedo said.

Operating expenses increased by a modest 3.4 perent, helping the cost to income ratio to level at 59 percent.

RCBC reinforced its credit buffer, recognizing P1.6 billion in provisions for impairment losses in the first quarter of 2022.

Total assets rose 20 percent to P962 billion, with loans and receivables and investment securities comprising 56 percent and 29 percent of the total, respectively.

This growth was propped up with a diversified funding portfolio, boosted with the issuance of ASEAN sustainability bonds in February 2022.

RCBC's capital base increased to P109 billion as of March 2022, with CAR of 14.8 percent and CETI ratio of 11.7 percent. Return on equity improved to 8.0 percent and return on assets stood at 0.9 percent.