Rizal Commercial Banking Corporation (RCBC) posted a consolidated net income of
P12.22 billion in 2023.
It hit a record high profit as customer loans soared by 15 percent year on year, faster than the industry average. CASA deposits increased by 19 percent, likewise outpacing the industry’s 3 percent growth.
“RCBC saw another breakthrough year in our financial performance, complemented with more recognitions in digital banking and customer service,” RCBC President and CEO Eugene S. Acevedo said.
“We will intensify the use of AI and data science across the bank to guide our product innovation and exceptional service delivery.”
With total assets of over P1.2 trillion, RCBC solidified its position as the fifth largest private bank in the country. Year-on-year, customer loans reached P622 billion, led by a solid 29 percent increase in consumer loans, primarily credit cards and housing.
The bank saw tremendous success in data-driven acquisition campaigns, with credit cards consistently outperforming industry in both balances and billings with 48 percent and 45 percent growth, respectively.
Its housing loans business recorded its highest bookings to date, boosting the portfolio by 22 percent from previous year.
Total deposits reached P957 billion, spurred by the increase in CASA across all segments.
The bank’s cash management and payroll solutions, alongside extensive business relationships, provided the double-digit uplift in low-cost CASA deposits.
Supporting the balance sheet expansion, capital rose 31 percent versus previous year on the back of SMBC’s capital infusion last July 2023, with both CAR and CET1 ratios remaining well above regulatory requirements at 17.37 percent and 14.69 percent, respectively.