Rizal Commercial Banking Corporation Reported P4.5 Billion in Net Income for H1-2024

Rizal Commercial Banking Corporation (RCBC) closed the first half of 2024 with an unaudited consolidated net income of P4.5 billion. This was supported by a 12% increase in earning assets, a 29% jump in net interest income, and a 33% rise in fees.

​The Bank's core business revenues for the first semester surged by 29%, fueled by a 38% increase in consumer loans, lifting the net interest margin by 41 basis points to 3.71%. The credit card portfolio led the growth with a 53% jump, with RCBC credit card billings increasing by 42%, double the industry growth rate. The auto and housing loan portfolio, marked a substantial 28% year-on-year expansion. As of the first half of 2024, the Bank's personal and salary loan portfolio tripled, with loans generated digitally reaching P2.0 billion. While Consumer Loans represent 36% of the Bank's total customer loans, the Corporate and SME portfolios make up the remaining 63%.
 
Despite robust loan expansion, RCBC maintained strong asset quality, with a gross NPL ratio of 3.77%, a 14-basis point reduction from the previous year. The Bank's capital ratios continued to exceed regulatory requirements, with a CAR of 16.41% and a CET1 ratio of 13.83%, underscoring the Bank's financial strength amid asset growth.
 
RCBC's President & Chief Executive Officer Eugene Acevedo emphasized the Bank's commitment to its customers and its innovative use of Data and Digital technology. "By combining on-the-ground encounters with data insights, we create a digital customer experience that fuels the remarkable growth we are witnessing," he added.
 
For the fifth consecutive year, RCBC was recognized as the Philippines' Best Bank for Digital by Euromoney, highlighting its position as the preferred digital banking brand. This accolade is in addition to the 44 other awards the Bank has received year-to-date for its digital and sustainable initiatives, and innovative products and services.
 
As of June 30, 2024, RCBC's extensive network comprised 458 branches, 1,486 automated teller machines, and 6,836 ATMGo terminals strategically located nationwide.
 
RCBC is a leading financial services provider in the Philippines offering a wide range of banking and financial products and services. RCBC is engaged in all aspects of traditional banking, investment banking, microfinance, retail financing (auto, mortgage and housing loans, and credit cards), remittance. leasing, foreign exchange, and stock brokering. RCBC is a member of the Yuchengco Group of Companies (YGC), one of the oldest and largest conglomerates in South East Asia.