Money

RCBC profit surges to P4.5B in Jan-Sept

Rizal Commercial Banking Corp. saw a 41% jump in its net income in the nine months to September to P4.5 billion on the back of a double-digit growth in net interest income and trading gains.

Rizal Commercial Banking Corp. saw a 41% jump in its net income in the nine months to September to P4.5 billion on the back of a double-digit growth in net interest income and trading gains.

“Our double-digit income growth is a reflection of the bank’s prudence in tapping the right prospects in the market while expanding capacity and enhancing customer experience in the core business,” said RCBC president Eugene Acevedo.

Interest income from loans and receivables grew 24% to P24.1 billion due to higher average loan volume of key select markets. Loans to consumers, which include mortgage loans, automobile loans and credit cards, rose 18% to P126.3 billion.

Gross outstanding credit receivables surged 43% to P27.9 billion with an active card base of 836,000.

Loans to small and medium enterprises continued to grow year on year by 20% to P64.8 billion.

The Yuchengco-led bank generated P7.1 billion in trading and foreign exchange gains. Fee-based income likewise increased 12% to P3.1 billion, driven by higher revenues from deposit and branch fees, card-related fees and trust fees.

Acevedo expects SMEs to account for 50% of the bank’s customer base by next year.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.