Rizal Commercial Banking Corp. (RCBC) of the Yuchengo Group saw its net income hit an all-time high of P12.22 billion in 2023, fueled by double-digit growth in customer loans.
RCBC said in a disclosure to the stock exchange Tuesday customer loans rose 15 percent year-on-year, faster than the industry average, while CASA (current account saving account) deposits increased by 19 percent, also outpacing the industry’s 3-percent growth.
RCBC said it solidified its position as the fifth largest private bank in the country with its total assets of over P1.2 trillion.
Customer loans reached P622 billion year-on-year, led by a solid 29-percent increase in consumer loans, primarily credit cards and housing.
The bank also saw significant success in data-driven acquisition campaigns, with credit cards consistently outperforming industry in both balances and billings with 48 percent and 45 percent growth, respectively.
Housing loans recorded the highest bookings to date, boosting the portfolio by 22 percent from previous year.
Total deposits reached P957 billion, boosted by the increase in CASA across all segments. The bank’s cash management and payroll solutions, alongside extensive business relationships, provided the double-digit uplift in low-cost CASA deposits.
“RCBC saw another breakthrough year in our financial performance, complemented with more recognitions in digital banking and customer service,” RCBC president and chief executive Eugene Acevedo said.
“We will intensify the use of AI and data science across the bank to guide our product innovation and exceptional service delivery,” he said.
Capital rose 31 percent versus previous year on the back of Sumitomo Mitsui Banking Corp.’s infusion in July 2023, with both capital adequacy ratio (CAR) and common equity tier 1 (CET1) ratios remaining above regulatory requirements at 17.37 percent and 14.69 percent, respectively.
The bank’s gross non-performing loans remained low at 3.34 percent, an improvement from last year’s 3.75 percent.
RCBC had a total consolidated network of 458 branches, 1,460 automated teller machines and 5,779 ATM Go terminals strategically located nationwide as of end-2023.