The Yuchengco Group’s Rizal Commercial Banking Corporation (RCBC) posted a 31 percent drop in unaudited consolidated net income to P6.2 billion for the first nine months of 2024 from the P9.03 billion earned in the same period last year.
In a disclosure to the Philippine Stock Exchange (PSE), the bank said its core income increased by 28 percent due to an 11 percent expansion of loans, and a general improvement in yields.
The bank's loan expansion was primarily driven by the consumer segment, with Credit Card and Personal Loans receivables growing by 58 percent. Data science and digital innovations have contributed to the growth in customer and loan volumes.
Additionally, the auto loan portfolio grew by 39 percent as RCBC leveraged new marketing and sales strategies to expand its market reach.
While consumer loans now represent 39 percent of the bank's total consumer portfolio, the Corporate and SME portfolios constitute the remaining 61 percent.
The bank's ability to combine its core strengths with its innovative digital platforms has been key to the growth of the consumer loan portfolio.
"At RCBC, we are committed to fostering growth for Filipino consumers by leveraging digital solutions that make financial services more accessible and convenient," RCBC president and CEO Eugene S. Acevedo said.
Capital ratios remained robust, with CET1 at 13.75 percent and CAR at 16.31 percent, both well above regulatory requirements and supporting continued loan portfolio growth.
RCBC also distinguished itself by winning Finovate's "Best Digital Bank" award — reflecting its continued commitment to digital development.
This is in addition to 53 other awards received within 2024 that highlight the bank's excellence in multiple domains including sustainable finance, providing innovative loan products and implementing effective banking initiatives and campaigns.
As of Sept. 30, 2024, RCBC's consolidated network numbered at 463 branches; 1,482 automated teller machines; and 7,013 ATMGo terminals strategically deployed across the country.