Rizal Commercial Banking Corporation (RCBC) closed the first half of 2024 with an unaudited consolidated net income of P4.5 billion. This was supported by a 12% increase in earning assets, a 29% jump in net interest income, and a 33% rise in fees.
The bank's core business revenues for the first semester surged 29%, fueled by a 38% increase in consumer loans, lifting the net interest margin by 41 basis points to 3.71%.
"By combining on-the-ground encounters with data insights, we create a digital customer experience that fuels the remarkable growth we are witnessing," RCBC's president & chief executive officer Eugene Acevedo said.
He emphasized the Bank's commitment to its customers and innovative data and digital technology use.
The credit card portfolio led the growth with a 53% jump, with RCBC credit card billings increasing by 42%, double the industry growth rate. The auto and housing loan portfolio marked a substantial 28% year-on-year expansion.
As of the first half of 2024, the Bank's personal and salary loan portfolio tripled, with loans generated digitally reaching P2.0 billion. While Consumer Loans represent 36% of the Bank's total customer loans, the Corporate and SME portfolios comprise 63%.
Despite robust loan expansion, RCBC maintained strong asset quality, with a gross NPL ratio of 3.77%, a 14-basis point reduction from the previous year.
The Bank's capital ratios continued to exceed regulatory requirements, with a CAR of 16.41% and a CET1 ratio of 13.83%, underscoring the Bank's financial strength amid asset growth.
For the fifth consecutive year, Euromoney recognized RCBC as the Philippines' Best Bank for Digital, highlighting its position as the preferred digital banking brand. This accolade is in addition to the 44 other awards the bank has received year-to-date for its digital and sustainable initiatives and innovative products and services.
As of June 30, RCBC's extensive network comprised 458 branches, 1,486 automated teller machines, and 6,836 ATM Go terminals strategically located nationwide.
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