Tuesday, January 31, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business Money

RCBC’s income grew 33% to P5.3 billion in three quarters

Julito G. RadabyJulito G. Rada
November 15, 2021, 4:26 pm
in Money
Reading Time: 2 mins read
A A
Share on FacebookShare on TwitterShare on Email

Rizal Commercial Banking Corp., a member of the Yuchengco Group of Companies, said Monday unaudited consolidated net income grew 33 percent in the first nine months to P5.3 billion from a year ago on the strength of core businesses.

RCBC said in a statement business momentum continued to accelerate with strong double-digit growth of 13 percent in customer loans and 30 percent in low-cost CASA deposits, both metrics performing better than the industry.

Investment securities jumped 2.9 times, and fee income increased by 39 percent, reflecting stable recovery in investments and retail transactions.

RCBC saw significant expansion in loan book across segments, led by the corporate loan portfolio growing by 17 percent and the SME portfolio by 18 percent.

The bank supported working capital requirements and continued to participate in project finance transactions for renewable energy projects in the country and the Southeast Asian Region.

ADVERTISEMENT

Higher volume of loan and treasury assets, coupled with lower funding costs, propelled net interest income to reach P21.2 billion, higher by 8 percent year-on-year.

Fee income was boosted by a combination of investment banking fees and retail transactions related to payments and loans. Core business is leading the uplift in gross income which increased by 13 percent year-on-year to P26 billion, net of trading and FX gains.

RCBC president and chief executive Eugene Acevedo said the bank’s digital transformation across several business lines accelerated customer acquisition and improved cost efficiency.

Data analytics helped drive growth for the credit card business with a 68-percent increase in new cards issued, bringing the total cards-in-force to nearly 910,000 as of end-September.

The most recent service offering on the digital platform is the unit investment trust fund, including the new RCBC US Equity Index Feeder Fund, which boosted trust assets under management to reach a record high of P134 billion.

"We are excited to further bring fintech innovation across all product lines, as we see a rapid shift in the trajectory of financial services even beyond the pandemic,” Acevedo said.

Total assets increased by 19 percent to P873 billion, with loans and receivables and investment securities comprising 60 percent and 22 percent of the total, respectively. The growth was supported by the 26-percent rise in total deposits, and the 10-percent expansion in capital funds with solid capital ratios—CAR of 15.2 percent and CET1 ratio of 12.1 percent.

Sumitomo Mitsui Banking Corp. infused capital and acquired a 4.99-percent stake in RCBC in July.   Annualized return on equity stood at 6.8 percent and annualized return on assets at 0.9 percent.

RCBC had consolidated network of 434 branches, 1,254 automated teller machines and 1,555 ATM Go terminals strategically located nationwide as of end-September.

Tags: 2021net incomeRCBCthird quarter
ADVERTISEMENT
Julito G. Rada

Julito G. Rada

Related Posts

Bank loans grew 13.4% in December

byJulito G. Rada
January 31, 2023, 8:10 pm
0
8
Policy rate kept at 2% in MB’s last meeting this year

Bank loans grew 13.4 percent year-on-year in December, slower than the 13.9-percent expansion in December, latest data from the Bangko...

Read more

BPI eyes global bond issuance in Q2 to refinance maturing debt

byJenniffer B. Austria
January 30, 2023, 7:00 pm
0
8
BPI’s income increased 1.8% to P17.5b in 1st three quarters

Bank of the Philippine Islands plans to return to the international bond market this year to refinance part of or...

Read more

UnionBank’s net income steady at P12.7b in 2022

byJulito G. Rada
January 30, 2023, 6:50 pm
0
8
UnionBank eyes P40-billion stock rights offering to buy local Citi unit

Union Bank of the Philippines, one of the largest lenders in terms of assets, said Monday it posted a net...

Read more

New DBP president vows to support infrastructure development

byManila Standard
January 29, 2023, 7:05 pm
0
8
US trade shifts away from China but no ‘decoupling’ yet

A prominent and seasoned banker formally assumed the position as head of one of the largest government financial institutions in...

Read more

PH banks kept credit standards unchanged in Q4

byJulito G. Rada
January 29, 2023, 7:00 pm
0
8
Banaag assumes post as Bright Kindle director

Banks in the Philippines kept credit standards mostly steady in the fourth quarter of 2022 and expect to continue the...

Read more

Hot money posted $887m in net inflows last year

byJulito G. Rada
January 26, 2023, 6:50 pm
0
8
Remittances increased 5.3% to $25.929b in first 10 months

Foreign portfolio investments or hot money posted net inflows of $887 million in 2022, a reversal of the $574-million net...

Read more

Print Edition

View More

Recent Posts

  • Country’s leading content provider honored at 5th Gawad Lasallianeta
  • MTRCB summons ‘Mang Kanor’ producers over unauthorized public exhibition 
  • Around the museum
  • Strong Group whips Al Wahda to stay perfect in Dubai cagefest
  • Furniture exhibit encapsulates diverse Filipino art and tradition
  • Antipolo-based artist holds nature-inspired exhibit at Gateway Gallery
  • Bank loans grew 13.4% in December
  • Fisheries output rose 2.2% last year

Advertisement

Latest News

Antipolo-based artist holds nature-inspired exhibit at Gateway Gallery

byManila Standard Lifestyle
January 31, 2023, 8:40 pm
0
8
Antipolo-based artist holds nature-inspired exhibit at Gateway Gallery

The crashing of ocean waves on stolid rocks; the swaying grass on the windy hill; and the dripping of myriad...

Read more

Bank loans grew 13.4% in December

byJulito G. Rada
January 31, 2023, 8:10 pm
0
8
Policy rate kept at 2% in MB’s last meeting this year

Bank loans grew 13.4 percent year-on-year in December, slower than the 13.9-percent expansion in December, latest data from the Bangko...

Read more

Fisheries output rose 2.2% last year

byOthel V. Campos
January 31, 2023, 8:05 pm
0
8
Factory output increased by 24.7% in October

Fisheries output increased 2.2 percent in 2022 to 4.33 million metric tons from 4.248 million MT in 2021 on improved...

Read more

BNI set to hold ‘CONNECT MNL’

byManila Standard
January 31, 2023, 8:00 pm
0
8
Banaag assumes post as Bright Kindle director

Business Network International Manila will hold a one-day conference on Feb. 10 at Dusit Thani Manila in celebration of the...

Read more

Stocks sink ahead of Fed policy decision

byJenniffer B. Austria
January 31, 2023, 7:55 pm
0
8
Stock market surges; PLDT, Globe advance

Stocks fell for a second day following a big selloff on Wall Street ahead of a key Federal Reserve policy...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App