RCBC books record P12.2B net income in 2023

Rizal Commercial Banking Corp. (RCBC) on Tuesday said it would boost its use of artificial intelligence (AI) and data science, following a record-high consolidated net income of P12.2 billion in 2023 versus the P12.1 billion the previous year.

In a regulatory filing, RCBC said its profit growth was driven by the 15% growth in customer loans in 2023 to P622 billion, as consumer loans, primary credit cards, and housing grew by 29%.

Its credit cards segment saw a 48% growth in balances and 45% in billings, while housing loans recorded the highest bookings to date, driving the portfolio up 22% versus the previous year.

"RCBC saw another breakthrough year in our financial performance, complemented with more recognitions in digital banking and customer services," RCBC president and chief executive officer Eugene Acevedo said.

"We will intensify the use of AI and data science across the bank to guide our product innovation and exceptional service delivery," he added.

The lender's current account and savings account (CASA) deposits grew by 19% versus the industry's 3% growth during the period with total deposits hitting P957 billion, as it attributed its cash management and payroll solutions to the double-digit increase during the period.

The bank ended 2023 with a total consolidated network of 458 branches, 1,460 automated teller machines (ATMs), and 5,779 ATM Go terminals across the country.

RCBC 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. — VDV, GMA Integrated News