Core lending drives 32% RCBC profit growth

Rizal Commercial Banking Corp. (RCBC) benefited from its loan book expansion in the first nine months of the year, with its bottom line surging by 32 percent to P8.2 billion.

In a regulatory filing on Tuesday, the Yuchengco-led bank said its net interest income had swelled by 32 percent to P40.8 billion in the January to September period, with gross customer loans jumping by 13 percent.

Receivables from credit cards and personal loans expanded by 38 percent, while auto and housing loans rose by 29 percent. Fee income likewise climbed by a quarter to P7.8 billion.

“Our continued momentum in the consumer segment affirms that our deliberate approach anchored on data-driven decisions, prudent risk management and collaboration across businesses continues to drive sustainable growth for the bank,” RCBC president and CEO Reggie Cariaso said in a statement.

As of end-September, RCBC’s total assets stood at P1.31 trillion. As a result of its performance, its return on equity ended at 6.94 percent from 5.2 percent in the same period last year.

It ended the first nine months of the year with 470 branches, 1,505 automated teller machines (ATMs) and 6,389 ATM Go terminals nationwide.

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Apart from domestic expansion, RCBC is likewise broadening its international reach.

In September, the bank partnered with New York-based instant payment service provider Meridian to allow RCBC’s clients to open their US virtual bank account.