Rizal Commercial Banking Corporation's Profits Reached P2.2 Billion in Q12024

For the first three months of 2024, Rizal Commercial Banking Corporation (RCBC) declared an unaudited net income of P2.2 billion. This came after a strong rise in core business revenues to P11.6 billion, which included increases in net interest income of 32% and fees of 44%.

As of March 31, 2024, total assets were P1.23 trillion, up 7% due to a 13% increase in earning assets. The expansion of loans, particularly in the consumer market, was the primary driver of this. Credit card sales have increased by 55%, outpacing the industry's 30% growth, and continue to be the bank's fastest-growing segment. These gains are supported by data-driven acquisition and cross-sell efforts to manage portfolio quality. Similarly, compared to the industry's 17%, credit card billings closed 42% higher. Meanwhile, as the bank keeps improving the customer experience across all of its platforms, personal and salary loans have more than doubled from the previous year.

With deposits closing 12% higher at P959 billion, deposits maintained their trend. CASA deposits increased by 13% as a result of increased support for various cash management initiatives and customer acquisition campaigns.

"We continue to reap the benefits of the bank's continued digital transformation across the organization" RCBC President and CEO Eugene S. Acevedo said. "From AI and data-driven campaigns to streamlined processes via robotic process automation, we commit to exploring new and exciting ways we can bring customer experience to the next level," he added.
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Despite an increase in assets, the bank's capital ratios—CET1 of 13.71% and CAR of 16.27%—remained far above regulatory standards. In the meantime, asset quality kept getting better; the gross non-performing loan ratio showed a 53 basis point drop from the year before.

RCBC has received 23 new awards this year from a number of prominent organizations that give out prizes in a variety of sectors. These include numerous digital accolades from The Asset, The Digital Banker, and World Economic Magazine, in addition to "Best Corporate Bank," "Best SME Bank," "Best Retail Bank," and "Best Cash Management Bank" from Global Banking and Finance. The bank was able to receive praise for its sustainability and corporate social responsibility programs.

By March 31, 2024, RCBC had 6,246 strategically placed ATM Go terminals, 1,465 automated teller machines, and 458 branches spread across the country.