Rizal Commercial Banking Corp. (RCBC) posted a net income of P9 billion in the first nine months, down 10.89 percent from P10.1 billion a year ago.
RCBC said in a statement Tuesday it closed the first nine months with record revenues of P36 billion.
It said the net income of P9 billion was driven by a 7-percent improvement in core business profitability offset by significant non-recurring income posted last year. Fee income increased by 17 percent from a year ago.
“With customer experience at the heart of our digital transformation strategy, the bank commits to deliver relevant and disruptive solutions to the market,” RCBC president and chief executive Eugene Acevedo said.
“These innovative and high-impact Al and digital use cases were key to the bank’s sustained growth despite challenging external headwinds,” he said.
Total assets climbed 12 percent to P1.2 trillion, driven by a 12-percent increase in customer loans with higher loan volumes across all segments. Consumer segment rose 23 percent year-on-year.
Credit cards in particular posted a 49-percent growth in their portfolio with new cards issued up 51 percent from last year. Cards-in-force recently surpassed the one million benchmark supported by data-driven acquisition and cross-sell campaigns.
To support its asset build-up strategy, deposits rose 13 percent mostly from CASA (current and savings accounts) which accounted for 83 percent of the increase and closed 21 percent higher versus previous year.
Capital also went up following the P27-billion capital infusion last July boosting the CAR and CET1 ratio to 17.1 percent and 14.4 percent, respectively as of September 30, 2023.
RCBC remains to be the favored digital banking brand with a 42-percent increase in gross transaction volume across its multiple digital platforms. This was further accentuated by RCBC’s 4-peat as the “Best Bank for Digital” by Asiamoney.
This was on top of the 43 other awards received by the Bank year to date from its digital and sustainability initiatives, and innovative products and services .
RCBC had a total consolidated network of 459 branches, 1,448 automated teller machines and 3,426 ATM Go terminals strategically located nationwide as of September 2023.
