The Yuchengco Group’s Rizal Commercial Banking Corporation (RCBC) reported a 22 percent drop in net income to ₱9.5 billion last year from the record-high ₱12.2 billion earned in 2023, which had included non-recurring gains.
In a disclosure to the Philippine Stock Exchange, the bank said its net income growth, without the non-recurring gains in 2023, was at 13.6 percent year-on-year, as the core business maintains momentum.
RCBC registered a double-digit growth of 26 percent in net interest income and a 40 percent expansion in consumer loans.
The bank’s net interest income reached ₱42.5 billion, fueled by a 14 percent increase in loan volumes and better yields, as consumer loans contributed 40 percent to the ₱709.7 billion loan portfolio.
RCBC’s total loan portfolio increased by 17.2 percent, outpacing the industry’s average loan growth of 11.1 percent as of November 2024.
Credit card receivables increased by 48 percent in 2024, as cards in force increased by 21 percent and billings increased by 41 percent. Secured consumer loans—mortgage and auto, increased by 30 percent in 2024.
"We have grown our consumer loan portfolio at blistering speeds, surpassing industry. This complements our portfolio strategy while ensuring strong engagement with our customer base as their primary bank," said RCBC President and CEO Eugene S. Acevedo.
He added that, "Data analytics and digital enhancements have become key drivers for our core income growth in 2024 and will remain to be our priorities in 2025."
The bank’s total resources reached ₱1.4 trillion, up by 9.8 percent year-on-year and 13.7 percent five-year compounded annual growth rate. Total deposits stood at ₱1.02 trillion, with current account and savings account (CASA)-to-total deposits ratio at 52.6 percent.
RCBC successfully raised $350 million through five-year sustainability bonds. Proceeds will support green and social projects under RCBC's sustainable finance framework.
The bank maintained a solid capital position at ₱158.5 billion, a capital adequacy ratio (CAR) of 16.08 percent, and its common equity tier 1 (CET1) ratio stood at 13.53 percent, maintaining healthy buffers.
As of December 2024, RCBC had a total consolidated network of 465 branches, 1,482 automated teller machines, and 8,428 ATM Go terminals strategically located nationwide.