RCBC nets P10B in first 9 months of 2022

Yuchengco-led Rizal Commercial Banking Corp. (RCBC) saw high double-digit growth in its earnings during the first nine months of 2022.
 
In a disclosure to the Philippine Stock Exchange on Thursday, RCBC said its consolidated net income stood at P10.1 billion for the January to September 2022 period, up 88% year-on-year.

The growth was supported by a 13% increase in net interest income to P24 billion, fueled by the growth in loans and investment securities, and a 92% rise in non-interest income to P10.6 billion.

RCBC said the growth in non-interest income was mainly attributable to higher retail transactions, foreign exchange gains, and miscellaneous income.

The bank’s total assets amounted to P1.1 trillion, up 23% from a year earlier.

Loan portfolio, which accounts for 51% of total assets, “has risen moderately, with consumer and SME segments leading the growth,” RCBC said.

In particular, the bank’s SME or small and medium enterprises portfolio grew 17% to about 13,500 customers.
 
Total deposits also rose by 28%, the bank said.
 
RCBC said that its financial app, Diskartech, posted a 63% or P4.2 billion increase in transaction value on the back of double-digit growth in its customer base year-on-year. — VBL, GMA News