Rizal Commercial Banking Corporation posted an unaudited consolidated net income of
P10.1 billion for the first nine months of 2022, an 88 percent increase from the same period last year attributable to the 29 percent improvement in gross income.
Net interest income went up by 13 percent to P24.0 billion, fueled by growth in loans and investment securities. Non-interest income rose by 92 percent to P10.6 billion, which was mainly attributable to higher retail transactions, foreign exchange gains, and miscellaneous income, that includes gains from a property sale in September.
The bank’s total assets reached P1.1 trillion by the end of September, representing an expansion of 23 percent year on year. The bank’s loan portfolio, which accounts for 51 percent of total assets, has risen moderately with the consumer and SME segments leading the growth. Credit card balances grew 38 percent on the back of higher transaction volumes and data-driven portfolio actions. The SME portfolio sustained its upward momentum with a 17 percent year on year increase with nearly 13,500 valued customers.
Total deposits increased by 28 percent, coming from low-cost CASA deposits, higher by 13 percent, and time deposits.
“The continued thrust towards customer centricity and digital transformation allowed the Bank to innovate, be more competitive, leading to sustainable growth,” President and CEO Eugene S. Acevedo said.
