RCBC Savings posts 12.3% profit growth

MANILA, Philippines - RCBC Savings Bank (RSB) reported a 12.3-percent increase in its net earnings to P776 million in 2008 as its core businesses remained strong, the bank said in a statement.

RCBC Savings remained the country’s third largest thrift bank with assets totaling P46.6 billion as of end-2008, 15.6 percent higher than the P40.3 billion in 2007. 

Its capital base likewise grew 14.1 percent to P5.9 billion.

The thrift bank of the Yuchengo-led Rizal Commercial Banking Corp. (RCBC) also registered a 20.4-percent increase in its loan portfolio to P32 billion last year, from P26.5 billion in 2007.

About 80 percent of its lending portfolio are in consumer loans. A third of the consumer loan portfolio is in auto loans, another third in mortgage and home loans, and the balance in personal loans and others.

The bank generated P39 billion in deposits last year, a 15.6-percent surge from P33.8 billion the year before.

RCBC Savings president Lope M. Fernandez said their gains last year would encourage the thrift bank to offer better services and new consumer products.

“RCBC Savings Bank will continue to offer service excellence to its ever-growing clientele. New and more exciting products will be in the offing. A sustained marketing campaign is in the works,” he said. – Ted Torres