Rizal Commercial Banking Corporation (RCBC) of the Yuchengco group reported that its consolidated net income inched up by one percent to an all-time high of P12.22 billion last year. 

In a disclosure to the Philippine Stock Exchange (PSE), the bank said it hit a record high profit as customer loans rose by 15 percent year-on-year, faster than the industry average. CASA deposits increased by 19 percent, likewise outpacing the industry’s three percent growth.

“RCBC saw another breakthrough year in our financial performance, complemented with more recognitions in digital banking and customer service,” RCBC President and CEO Eugene S. Acevedo said. 

He noted that “we will intensify the use of AI and data science across the bank to guide our product innovation and exceptional service delivery.”

With total assets of over P1.2 trillion, RCBC said it solidified its position as the fifth largest private bank in the country. 

Year-on-year, customer loans reached P622 billion, led by a 29 percent increase in consumer loans, primarily credit cards and housing. 

The bank said its data-driven acquisition campaigns were successful, with credit cards consistently outperforming industry in both balances and billings with 48 percent and 45 percent growth, respectively. 

Its housing loans recorded its highest bookings to date, boosting the portfolio by 22 percent from previous year.

Total deposits reached P957 billion, spurred by the increase in CASA across all segments. The bank’s cash management and payroll solutions, alongside extensive business relationships, provided the double-digit uplift in low-cost CASA deposits.

Supporting the balance sheet expansion, capital rose 31 percent versus previous year on the back of SMBC’s capital infusion last July 2023, with both CAR and CET1 ratios remaining well above regulatory requirements at 17.37 percent and 14.69 percent, respectively. 

On the asset quality side, tighter credit policies and prudent remedial management kept the bank’s gross non-performing loans low at 3.34 percent, an improvement from last year’s 3.75 percent.

As of Dec. 31, 2023, RCBC had a total consolidated network of 458 branches, 1,460 automated teller machines, and 5,779 ATM Go terminals strategically located nationwide.