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Manila Bulletin devider Business devider Banking & Finance devider Yuchengco's RCBC to grow consumer loan portfolio to P160 B

Yuchengco's RCBC to grow consumer loan portfolio to P160 B

Published Apr 22, 2024 07:46 am

Yuchengco-led Rizal Commercial Banking Corporation (RCBC) is eyeing a 27 percent growth in its consumer loan portfolio to P160 billion this year from P126 billion in 2023.

In a statement, RCBC Consumer Lending Group (CLG) Head Ramil De Villa said he is confident in achieving the growth targets with the help of focused campaigns and innovative special programs.

RCBC offers special home and auto loan deals
Auto and housing loans registered strong growth in its share in RCBC's total loan portfolio

“As the unit with the highest growth target among RCBC's business units, CLG aims to increase its share of growth even further,” De Villa said.

Loan growth will be driven by campaigns and programs, targeted selling using analytics, new products, upgrading of the existing loans management system, continuous process improvement and internal sales growth.

Furthermore, the company’s monthly booking has recorded a 117 percent year-on-year increase, from P2.48 billion in January 2023 to P5.4 billion in January 2024.

Auto and housing loans registered strong growth in its share in RCBC's total loan portfolio, aside from other consumer products like credit cards, personal loans and salary loans.

“That’s how aggressive we are growing the business. We intend to sustain our momentum this year through our strong synergy with one of our biggest shareholders, SMBC [Sumitomo Mitsui Banking Corporation]. SMBC has a specific interest in consumer loans,” De Villa said.

SMBC increased its shareholdings in RCBC in 2023, from 4.999 percent to 20 percent, bringing in PhP 27.126 billion of new Core Equity Tier 1 (CET1) capital to the Bank. 

This capital infusion is part of the Bank’s capital raising plan to support long-term sustainable asset growth and investments in technology and cyber security and human resources.

SMBC is one of the largest banks in Japan and is the commercial banking arm of Sumitomo Mitsui Financial Group (SMFG), while RCBC is a leading financial services provider in the Philippines, offering a wide range of banking and financial products and services.

RCBC is a member of the Yuchengco Group of Companies (YGC), one of the oldest and largest conglomerates in Southeast Asia.
 

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Rizal Commercial Banking Corp.
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