Rizal Commercial Banking Corp., the ninth-largest lender in terms of assets, said Wednesday unaudited consolidated net income surged 41 percent in the first nine months to P4.5 billion from P3.2 billion a year ago, as the bank’s focus on strengthening core businesses bore good results.
“Our double-digit income growth is a reflection of the bank’s prudence in tapping the right prospects in the market, while expanding capacity and enhancing customer experience in the core business,” RCBC president and chief executive Eugene Acevedo said in a statement Wednesday.
Interest income from loans and receivables grew by 24 percent to P24.1 billion as loans to consumers”•including mortgage loans, automobile loan and credit cards”•increased by 18 percent to P126.3 billion.
Gross outstanding credit card receivables expanded by 43 percent to P27.9 billion as of September 2019 with an active card base of 836,000, higher by 26 percent than last year.