Rizal Commercial Banking Corporation (RCBC) of the Yuchengco Group posted a 12 percent improvement in unaudited consolidated net income to P4.5 billion for the first half of 2024.
The bank said in a disclosure to the Philippine Stock Exchange (PSE) that profit growth was supported by a 12 percent increase in earning assets, a 29 percent jump in net interest income, and a 33 percent rise in fees.
RCBC's core business revenues for the first semester jumped by 29 percent, fueled by a 38 percent increase in consumer loans, lifting the net interest margin by 41 basis points to 3.71 percent.
Its credit card portfolio led the growth with a 53 percent jump, and RCBC credit card billings increased by 42 percent, double the industry growth rate.
The auto and housing loan portfolio expanded by 28 percent year over year, while the personal and salary loan portfolio tripled, with loans generated digitally reaching P2 billion.
Consumer loans represent 36 percent of the bank’s total customer loans, and the corporate and small and medium enterprise (SME) portfolios make up the remaining 63 percent.
Despite robust loan expansion, RCBC maintained strong asset quality, with a gross non-performing loan ratio of 3.77 percent, a 14-basis point reduction from the previous year.
The bank's capital ratios continued to exceed regulatory requirements, with a CAR of 16.41 percent and a CETI ratio of 13.83 percent, underscoring the Bank's financial strength amid asset growth.
RCBC President and CEO Eugene Acevedo emphasized the bank's commitment to its customers and its innovative use of data and digital technology.
"By combining on-the-ground encounters with data insights, we create a digital customer experience that fuels the remarkable growth we are witnessing," he said.
As of June 30, 2024, RCBC's extensive network comprised 458 branches, 1,486 automated teller machines, and 6,836 ATMGo terminals strategically located nationwide.