Rizal Commercial Banking Corp. said Monday it posted a record net profit of P12.1 billion in 2022 and became the fifth biggest privately-owned bank with total resources of P1.2 trillion.
RCBC said in a statement the P12.1-billion net profit was 71 percent higher than P7.1 billion it booked in 2021, supported by a double-digit increase in core business income.
Fee income showed a marked improvement of 19 percent from 2021 on higher retail, bancassurance and digital transactions. Return on equity reached 11.2 percent, and return on assets improved to 1.2 percent in 2022.
“We continue to work hard and smart to accelerate our transformation journey. Delivering best-in-class customer experience remains our main thrust. And so we are excited to develop more digital innovations and disruptive solutions that can reshape the way we do banking,” RCBC president and chief executive Eugene Acevedo said.
RCBC became the fifth-biggest privately-owned bank in the country as of end-2022. This was driven by the substantial 23-percent increase in earning asset volume, while maintaining above-industry net interest margin at 3.7 percent. Julito G. Rada