RCBC’s 2024 net income hits P9.5 billion
RIZAL COMMERCIAL Banking Corp. (RCBC) posted a net income of P9.5 billion last year, with net interest income growth of 26% and consumer loans expanding by 40%, it said in stock exchange filing on Tuesday.
The publicly listed bank did not disclose fourth-quarter figures, income growth for the year or a financial statement.
Net income growth without the nonrecurring gains in 2023 was 13.6% year on year, “as core business maintains momentum,” it said in a disclosure to the Philippine Stock Exchange.
“We have grown our consumer loan portfolio at blistering speeds, surpassing the industry,” the listed Philippine lender said. “This complements our portfolio strategy while ensuring strong engagement with our customer base as their primary bank.”
Data analytics and digital enhancements have become key drivers for the bank’s core income growth last year and would remain to be its priorities this year, RCBC President and Chief Executive Officer Eugene S. Acevedo said in the statement.
The Yuchengco-led bank’s net interest income rose 26% to P42.5 billion for the full year, driven by a 14% increase in loan volumes and better yields.
Total loans rose 17.2% to P709.7 billion, 40% of which were consumer loans that grew 40%.
“Credit card receivables increased by 48% in 2024, as cards in force increased by 21% and billings increased by 41%,” RCBC said. “Secured consumer loans — mortgage and auto — increased by 30% in 2024.”
Meanwhile, total deposits reached P1.02 trillion, 52.6% of which were current account and savings account deposits.
RCBC’s total assets expanded by 9.8% to P1.4 trillion last year, translating to a 13.7% five-year compounded annual growth. Total capital was P158.5 billion.
The bank’s capital adequacy ratio stood at 16.08%, while common equity Tier 1 ratio was 13.53%.
As of December, the lender had a total consolidated network of 465 branches, 1,482 automated teller machines (ATM) and 8,426 ATM Go terminals nationwide, it said.
RCBC’s shares rose 0.59% or 15 centavos to closed at P25.65 each. — Aaron Michael C. Sy
