Rizal Commercial Banking Corp. (RCBC) posted a net income of P9.5 billion for 2024, a decrease from the P12.22 billion recorded in the previous year, which included one-off items. However, excluding non-recurring items from 2023, RCBC’s net income saw a 13.6 percent increase year-on-year.
As the country’s 6th largest lender by assets, RCBC, the banking arm of the Yuchengco Group, saw continued growth in net interest income, which surged by 25 percent to P42.5 billion. This was driven by a 14 percent increase in loan volumes and improved yields. Consumer loans, which accounted for 40 percent of the bank’s P709.7 billion loan portfolio, rose by 17 percent.
The bank’s credit card receivables also surged, increasing by 48 percent, with cards in force rising by 21 percent and billings growing by 41 percent. The average loan growth in the industry was around 11 percent.
RCBC’s total resources grew by 9.8 percent to P1.4 trillion, while total deposits reached P1.2 trillion.
RCBC president and CEO Eugene Acevedo emphasized the bank’s rapid growth in consumer loans, surpassing industry averages. “This growth complements our portfolio strategy and strengthens engagement with our customers as their primary bank. Data analytics and digital enhancements have become key drivers of our income growth in 2024, and will continue to be priorities in 2025,” he said.
