RCBC profit shrank by 22% to P9.5B
A one-time benefit recognized in 2023 outweighed gains in Yuchengco-led Rizal Commercial Banking Corp.’s (RCBC) loan portfolio this year, dragging down its earnings by 22 percent.
In a stock exchange filing on Tuesday, RCBC said its net income ended at P9.5 billion last year, down from its record-high of P12.22 billion the year earlier.
Without the non-recurring gains in 2023, RCBC’s net income would have grown by 13.6 percent, it noted.
Meanwhile, net interest income surged by 26 percent to P42.5 billion due to better yields and higher loan volumes.
RCBC’s loan portfolio had a 17.2-percent uptick to P709.7 billion, two-fifths of which came from the consumer segment.
“We have grown our consumer loan portfolio at blistering speeds, surpassing [the] industry,” RCBC president and CEO Eugene Acevedo said in a statement.
“Data analytics and digital enhancements have become key drivers for our core income growth in 2024 and will remain to be our priorities in 2025,” Acevedo added.
As of end-2024, RCBC’s total assets reached P1.4 trillion, up by 9.8 percent.
The bank also ended the year with 465 branches in its network, 1,482 automated teller machines (ATMs) and 8,426 ATM Go terminals across the country.
RCBC returned to the offshore debt market in January and raised $350 million to repay its existing loans and support eligible green and social projects identified under its Sustainable Finance Framework.
These include the construction of renewable energy power plants, sustainable agriculture and hybrid vehicles.
Earlier this month, RCBC also launched its “Tap-to-Phone” feature for micro, small and medium enterprises (MSMEs).
