Rizal Commercial Banking Corp., the ninth largest lender in terms of assets, said it expects a conservative net profit growth of 5 percent to 10 percent this year, on sustained expansion of core businesses such as loans and deposits.
“It is mostly lending business… and we will track the industry loan growth,” RCBC president and chief executive Gil Buenaventura said in a news briefing in Makati City Friday.
RCBC posted an unaudited consolidated net income of P4.3 billion in 2017, up 11.4 percent from P3.9 billion in 2016, on higher loans and deposits.
Net income in the fourth quarter surged 146 percent to P904 million from P368 million a year ago, led by a 27-percent growth in net interest income and a 19-percent expansion in non-interest income.
Buenaventura said the bank was on track and ready to take advantage of the opportunities expected from the favorable business environment in 2018.