Yuchengco-led Rizal Commercial Banking Corporation (RCBC) reported a 39 percent drop in unaudited net income to P2.2 billion in the first three months of 2024 from the P3.6 billion earned in the same period last year. 

In a disclosure to the Philippine Stock Exchange, the bank said it saw a solid increase in revenues from core businesses to P11.6 billion as net interest income went up by 32 percent and fees by 44 percent. It did not disclose the reason for the lower earnings.

Total assets reached P1.23 trillion as of March 31, 2024, up by 7 percent boosted by the 13 percent jump in earning assets. This was mostly driven by the loan expansion, especially in the consumer segment.

Backed by data-driven acquisition and cross-sell campaigns to manage portfolio quality, credit card remains as the Bank’s fastest-growing segment which soared by 55 percent, outperforming industry’s 30 percent. 

Similarly, credit card billings closed 42 percent higher versus industry’s 17 percent. Meanwhile, personal and salary loans more than doubled from last year as the Bank continues to enhance customer experience across its platforms.

Deposits sustained their momentum and closed 12 percent higher at P959 billion. CASA deposits climbed 13 percent amid stronger push for various cash management initiatives, coupled with client acquisition programs.

“We continue to reap the benefits of the bank’s continued digital transformation across the organization” RCBC President and CEO Eugene S. Acevedo said. 

He added that, “From AI and data-driven campaigns to streamlined processes via robotic process automation, we commit to exploring new and exciting ways we can bring customer experience to the next level.”

The Bank’s capital ratios remained well above regulatory requirements – CAR of 16.27 percent and CET1 of 13.71 percent despite asset growth. 

Meanwhile, asset quality continued to improve, with gross non-performing loan ratio reporting a 53-basis point reduction from previous year.

Year-to-date, RCBC bagged 23 new rewards from several prestigious award-giving bodies on various fields. This includes “Best Corporate Bank”, “Best SME Bank”, “Best Retail Bank”, “Best Cash Management Bank” from Global Banking and Finance as well as various digital awards from The Asset, The Digital Banker and World Economic Magazine. 

The Bank also managed to gain recognition for its CSR and sustainability initiatives.

As of March 31, 2024, RCBC had a total consolidated network of 458 branches, 1,465 automated teller machines, and 6,246 ATM Go terminals strategically located nationwide.