RCBC’s savings unit expects higher profit
RCBC Savings Bank, the thrift bank arm of Rizal Commercial Banking Corp., said it expects a double-digit growth in net profit this year.
RCBC Savings president and chief executive Rommel Latinazo said in a news briefing in Makati City that the bank remained optimistic it could sustain the 34-percent expansion in net income last year.
“In 2017, we had a record 34-percent increase in net profit year-on-year to P1.35 billion. This was due to the continued expansion of our consumer loan portfolio,” Latinazo said. Total loan portfolio last year went up 13 percent from 2016.
He said around 95 percent of consumer loan portfolio was accounted for by auto loans and home loans.
“We continue to be optimistic,” Latinazo said, adding the strength of parent bank RCBC would also be positive to RCBC Savings.
“As RCBC is eyeing a 5 to 10-percent net profit growth this year, [I think] RCBC Savings could go higher than that projection,” Latinazo said.
He said one of the strengths of RCBC Savings in terms of auto loans compared to its competitors was its established strong relationship with auto dealers nationwide.