Rizal Commercial Banking Corp., the lender owned by the Yuchengco Group and the 6th largest in the country by assets, said Monday net income dropped to P2.20 billion in the first-quarter from P3.64 billion in the year-earlier period, when the bank booked P3.35 billion in asset sales.
Interest income in the first quarter surged 29 percent to P18.89 bilion while service fee and commissions jumped 44 percent to P2.05 billion.
RCBC booked gains in asset sale of P112 million in the first quarter this year, a sharp drop from last year.
Total bank assets rose 7 percent in the first quarter to P1.23 trillion while deposits rose 12 percent to P959 million.
“We continue reap the benefits of the bank’s digital transformation across the organization,” said RCBC president and chief executive officer Eugene Acevedo.
“From AI and data-driven campaigns to streamline processes via robotic process automation, we commit to exploring new and exciting ways to bring customer experience to the next level,” he added.
RCBC ended March with 458 branches, 1,465 automated teller machines, and 6,246 ATM Go terminals.
