The private banking arm of the Rizal Commercial Banking Corp. (RCBC) is managing assets worth P14 billion as of end July this year, over 30 percent higher than the P10.7 billion end 2006.
In a report to the Philippine Stock Exchange (PSE), RCBC senior vice president Manuel G. Ahyong Jr. said that the outstanding growth was due to stronger focus on the Filipino-Chinese market as well as expanding its wealth relationship managers.
In fact, it is opening a new office facility in Binondo to ensure its wealth management expansion in the area.
“RCBC eyes to keep its competitive advantage in that market by ensuring that client servicing is constantly improved and kept at a high level,” Ahyong said in the report.
The universal bank will also be expanding its wealth management services in Cebu, Iloilo and Davao.
“Part of the RCBC’s leadership’s vision is for our wealth management business to expand in the regions,” the bank senior vice president added.
In the first six months of the year, RCBC recorded a net income of P1.81 billion for a 245-percent growth rate from teh P524 million in the same period last year.
Consolidated total resources stood at P222.8 billion, or an increase of 11.6 percent over the P199.7 billion recorded at the end of the first half of 2006. Net interest income grew by 26 percent to P4.44 billion from P3.54 billion.
The bank’s net income for the period is actually net of the P989 million provisioning for probable losses.— TPT