Rizal Commercial Banking Corp. said Tuesday net profit in the nine months declined to P9.03 billion from P10.06 billion in the year-earlier period, hurt by the faster growth in expenses.
RCBC, as the country’s 6th largest lender, reported a 3.9 percent growth in gross revenue to P35.92 billion but total expenses surged 19 percent to P26.85 billion.
The bank said total assets rose at the end of September by 12 percent to P1.2 trillion on account of a 12 percent increase in customer loans.
Credit card portfolio increased 49 percent on the back of a 51 percent growth in new cards issued. Cards-in-force has exceeded 1 million due to data-driven acquisitions and cross-sell campaign.
