spot_img
28 C
Philippines
Wednesday, November 13, 2024

RCBC’s first-quarter net income fell 39% to P2.2b

Rizal Commercial Banking Corp. (RCBC), the lending arm of the Yuchengo Group, reported an unaudited net income of P2.2 billion in the first three months of 2024, down 39 percent from P3.63 billion it earned in the same period last year.

RCBC said in a disclosure to the stock exchange Monday that its gross revenues from January to March amounted to P12.23 billion, also lower than P12.99 billion a year ago.

- Advertisement -

The bank said its revenues from core businesses amounted to P11.6 billion, leading to a net interest income growth of 32 percent.  Fees also went up 44 percent.

“We continue to reap the benefits of the bank’s continued digital transformation across the organization” RCBC president and chief executive Eugene Acevedo said.

“From AI and data-driven campaigns to streamlined processes via robotic process automation, we commit to exploring new and exciting ways we can bring customer experience to the next level,” he added.

Total assets reached P1.23 trillion as of March 31, 2024, up by 7 percent, boosted by the 13-percent jump in earning assets.  This was mostly driven by the loan expansion, particularly in the consumer segment.

Supported by data-driven acquisition and cross-sell campaigns to manage portfolio quality, credit card remained the bank’s fastest-growing segment which soared by 55 percent, outperforming industry’s 30 percent.

Credit card billings rose 42 percent, faster than the industry’s 17 percent.

Meanwhile, personal and salary loans more than doubled from last year as the bank continues to enhance customer experience across its platforms.

Deposits sustained their momentum and ended 12 percent higher at P959 billion. Current and savings account deposits climbed 13 percent amid stronger push for various cash management initiatives, coupled with client acquisition programs.

Capital adequacy ratios remained above regulatory requirements – CAR of 16.27 percent and CET1 of 13.71 percent despite asset growth.

Meanwhile, asset quality continued to improve, with gross non-performing loans ratio reporting a 53-basis point reduction from previous year.

RCBC had a total consolidated network of 458 branches, 1,465 automated teller machines and 6,246 ATM Go terminals strategically located nationwide as of March 31, 2024.

LATEST NEWS

Popular Articles