RCBC earns P2.7 billion in first quarter

MANILA, Philippines — Rizal Commercial Banking Corp. (RCBC) posted a 12 percent increase in net income to P2.7 billion in the first quarter, driven by sustained expansion in its core businesses, stronger lending activity and lower funding costs.

In a disclosure, the Yuchengco-led lender said unaudited consolidated net profit for the January to March period improved from a year ago as net interest income climbed by 25 percent to P15.4 billion.

Total gross revenues likewise rose by 16 percent to P17 billion.

RCBC said its consumer loan book grew by 27 percent during the quarter, outpacing broader industry growth despite prevailing economic headwinds.

The growth was led by a 39-percent surge in auto loans, a 28-percent rise in credit card receivables and a 17-percent expansion in housing loans.

The bank’s total deposits increased by nine percent to P1 trillion, while its current and savings account ratio stood at 50 percent of total deposits.

RCBC said its digital ecosystem, including Diskartech and Pulz, continued to support low-cost deposit generation.

Funding costs fell by 29 percent year on year, helping the bank finance its expanding portfolio and strengthen its balance sheet, RCBC said.

Its net interest margin also improved to 5.2 percent, supported by higher-yielding consumer segments and lower funding costs.

Non-interest income also contributed to earnings growth, with service fees and commissions rising by nine percent to P2.8 billion.

“Our focus has always been on building resilient platforms that scale responsibly, support growth, and deliver consistent value to our customers,” RCBC president and CEO Reginaldo Cariaso said.

He added that innovation anchored on strategic discipline and customer centricity remains a key strength of the bank.