Yuchengco-led Rizal Commercial Banking Corporation (RCBC) reported that its net income improved slightly to P6.2 billion for the first half of 2023 from the P6.14 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the bank said growth was supported by a 14 percent increase in loans. Total assets landed at P1.2 trillion, 17 percent higher than last year.

Loan growth was seen across all segments with both SME and consumer sustaining momentum at 18 percent. Outpacing the industry, RCBC’s credit card receivables increased by 48 percent and gross billings went up by 54 percent on the back of data-driven and personalized campaigns.

Total deposits rose 22 percent year-on-year, with CASA growing by 17 percent year on year given the expansion to the retail and SME markets in areas outside Metro Manila.

“RCBC continues to perform better than the industry as we focus on high growth segments and equip our people with digital and data science tools,” RCBC President and CEO Eugene S. Acevedo said. 

He added that, “we are also excited to expand further with the help of our newest shareholder, the Sumitomo Mitsui Banking Corporation (SMBC).”

On July 31, 2023, RCBC announced that it completed the sale of an additional 15.001 percent stake to SMBC, one of the largest banks in Japan and in the world. The P27 billion capital infusion into RCBC will boost its capital ratios by over 300 basis points.

Total gross income rose 10 percent to P23.5 billion, coming from the core business of loans and deposits, and augmented by higher fee income from retail transactions and sale of assets.

The bank generated an annualized return on equity of 11.1 percent and an annualized return on asset of 1.11 percent, better than year-ago levels.

As of end-June 2023, RCBC had a total consolidated network of 462 branches, 1,409 automated teller machines, and 2,881 ATM Go terminals strategically located nationwide.