Rizal Commercial Banking Corp., the country’s sixth largest lender by assets, said Thursday first-quarter net income surged 70 percent year-on-year to P3.6 billion on double-digit growth in total resources.
The bank said total resources rose 20 percent to P1.2 trillion, with the build-up of earning assets-customer loans up by 10 percent and investment securities higher by 27 percent.
Credit card billings were up 67 percent on strong acquisition of new customers that increased 44 percent and keeping card delinquency within industry level.
Deposits increased 27 percent to P859 million on account of cash management services, and extensive corporate and SME banking relationships.
RCBC said asset expansion should get a further boost from the upcoming P27.1 billion capital infusion from Sumitomo Mitsui Banking Corp.
“We are reinforcing our sales network to enable wider and efficient coverage, guided by data science and analytics to further understand customer needs and serve them better,” said RCBC president and chief executive officer Eugene Acevedo.
