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RCBC net income up 70% in 2022

The Rizal Commercial Banking Corp. (RCBC) saw its net income climb by over 70% in 2022, on the back of the stronger performance of its core businesses during the period.

In a disclosure to the local stock exchange, RCBC reported its full-year net income for 2022 at P12.1 billion, as its earning asset volume rose by 23% to bring its total resources to P1.2 trillion.

Investment securities for the year increased by 70%, while its lending to small and medium enterprises (SMEs) and credit cards both recorded double-digit increases.

“We continue to work hard and smart to accelerate our transformation journey. Delivering best-in-class customer experience remains our main thrust,” RCBC President and CEO Eugene Acevedo said.

“(W)e are excited to develop more digital innovations and disruptive solutions that can reshape the way we do banking,” he added.

The bank ended 2022 with a total consolidated network of 462 branches; 1,352 automated teller machines; and 1,559 ATM Go terminals across the country.

RCBC counts as subsidiaries include RCBC Capital Corporation, RCBC Securities Inc., RCBC Bankard Services Corporation, RCBC Forex Brokers Corporation, RCBC International Finance Limited, Rizal Microbank Inc., RCBC-JPL Holding Company, and RCBC Leasing and Finance Corp. — Jon Viktor D. Cabuenas/RSJ, GMA Integrated News