Rizal Commercial Banking Corporation reported a 71 percent surge in net income to P12.1 billion last year, supported by the double-digit increase in core business income.
In a disclosure to the Philippine Stock Exchange, the bank said its fee income also showed marked improvement of 19 percent from 2021 due to higher retail, bancassurance and digital transactions.
Return on equity stood at 11.2 percent, and return on assets improved to 1.2 percent in 2022.
With P1.2 trillion in total resources, RCBC said it became the country’s fifth biggest privately-owned bank as of end-2022.
This is on the back of a significant increase in earning asset volume, while maintaining above-industry margin at 3.7 percent. Total deposits soared 27 percent year-on-year, outpacing the industry's average of 12 percent.
RCBC achieved significant expansion in various business segments during the year. Investment securities rose by over 70 percent year-on-year, while SME loans and credit cards posted solid double-digit increases.
The credit card business recorded a faster-than-industry growth in billings and balances, while keeping non-performing loans (NPL) at its lowest in over a decade.
Data science and analytics were instrumental in boosting customer acquisition and cross-selling to augment the Bank's foothold across key segments.
"We continue to work hard and smart to accelerate our transformation journey. Delivering best-in-class customer experience remains our main thrust. And so we are excited to develop more digital innovations and disruptive solutions that can reshape the way we do banking," RCBC President and CEO Eugene S. Acevedo said.
The Bank kept its capital ratios well above regulatory requirements—CAR of 15.29 percent and CET1 ratio of 12.33 prcent.
With an upcoming P27 billion capital injection from Sumitomo Mitsui Banking Corporation (SMBC), one of Japan's largest banks and 12th largest bank in the world, RCBC can reinforce its asset growth trajectory to become one of the biggest banks in the country.