Rizal Commercial Banking Corporation (RCBC) Reported a PHP 12.22 Billion Consolidated Net Income in 2023

​Rizal Commercial Banking Corporation (RCBC) posted a consolidated net income of P 12.22 billion in 2023. It hit a record high profit as customer loans soared by 15% year-on-year, faster than the industry average. CASA deposits increased by 19%, likewise outpacing the industry's 3% growth.

With total assets of over P 1.2 trillion, RCBC solidified its position as the fifth largest private bank in the country. Year-on-year, customer loans reached P 622 billion, led by a soliday 29% increase in consumer loans, primarily credit cards and housing. The bank saw tremendous success in data-driven acquisition campaigns, with credit cards consistently outperforming industry in both balances and billings with 48% and 45% growth, respectively. Its housing loans business recorded its highest bookings to date, boosting the portfolio by 22% from previous year.

Total deposits reached P 957 billion, spurred 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 CEO Eugene S. Acevedo said. "We will intensify the use of AI and data science across thebank to guide our product innovation and exceptional service delivery."

Supporting the balance sheet expansion, capital rose 31% versus previous year on the back of SMBC's capital infusion last July 2023, with bot CAR and CET1 ratios remaining well above regulatory requirements at 17.37% and 14.69%, respectively. On the asset qualit side, tighter credit policies and prudent remedial management kept the bank's gross NPL low at 3.34%, an improvement from last year's 3.75%.

The bank received a total of 50 awards from 2023, including RCBC's 4-peat for "Best Bank for Digital" from AsiaMoney and "Digital Bank of the Year" from The Asset. RCBC was also recognized as "Credit Card of the Year", "Best Cash Management Bank", "Best SME Bank", "Best Retail Bank", and "Best Bank for Sustainable Development" by various prestigious international award giving bodies.

​As of December 31, 2023, RCBC had a total consolidated network of 458 branches, 1,460 automated teller machines, and 5,779 ATM Go terminals strategically located nationwide.