RCBC ends first semester with P5.3-B profit

Rizal Commercial Banking Corp. (RCBC) benefited from robust loan demand in the first six months of the year, resulting in a 20-percent surge in earnings during the period to P5.3 billion.

The Yuchengco-led bank disclosed on Friday its core business expansion was driven by a 14-percent increase in customer loans.

Credit cards and personal loan volumes surged by 47 percent, auto loans by 46 percent and housing loans by 24 percent, RCBC said.

The bank has yet to release its full financial statement bearing additional details.

RCBC noted, however, that its digitalization efforts and digital finance solutions have likewise paid off.

According to RCBC, its digital transaction volumes surged by 28 percent on the back of its expanding user base.

“We’re going to make data-driven decision-making a core part of our way of doing things, so that we can make intelligent and resourceful decisions when we engage our clients,” RCBC president and CEO Reginaldo Cariaso said in a statement.

“We’re investing in ways that we can understand our clients and get all their financial needs met through RCBC,” Cariaso added.

Last month, RCBC also raised P12.21 billion from the domestic bond market, allowing it to support more sustainability-related programs.