Logo of Rizal Commercial Banking Corp. (RCBC)
MANILA, Philippines — Robust consumer lending gave the first-quarter earnings of Rizal Commercial Banking Corp. (RCBC) a 10-percent boost to P2.43 billion.
The Yuchengco-led bank on Friday said its net interest income surged by 29 percent to P12.3 billion. This was attributed to RCBC’s customer loan portfolio.
Consumer loans also shot up by 39 percent, owing to higher housing and auto loans. These jumped by 24 percent and 45 percent, respectively.
“Our fast-growing consumer portfolio is boosted by data science and analytics, leading customer acquisition in the right segments,” RCBC president and CEO Eugene Acevedo said.
Loan demand typically rises when the Bangko Sentral ng Pilipinas (BSP) eases its monetary policy. The BSP last year cut its overnight borrowing rate by a total of 75 basis points to 5.75 percent due to cooling inflation.
At the same time, RCBC’s service fee income during the period climbed by 26 percent. This was attributed to higher credit card usage and loan transaction volume.
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As of end-March, the assets of the country’s sixth-largest bank reached P1.3 trillion, up by 9 percent.
Total deposits inched up by 1.4 percent to P972 billion.
RCBC has 469 branches in its network, as well as 1,468 automated teller machines and 5,855 ATM Go terminals across the country.
The bank’s strong performance also comes amid an ongoing leadership shift.
Deputy CEO Reginald Cariaso, who joined RCBC in 2023, is set to succeed Acevedo this year.
Cariaso earlier told the Inquirer that the bank would focus on accelerating growth this year to achieve “sustainable success.”
Cariaso was appointed executive vice president and group head of operations at RCBC in 2023.