MANILA, Philippines - The RCBC Savings Bank (RSB) has continued to record double-digit growth in its loan portfolio amidst intense competition in the consumer finance industry.
Loan portfolio increased by 17 percent to P57 billion in the first half of the year driven by robust growth in its core consumer loans.
Home mortgage and auto loans dominated, accounting for the bulk of the bank’s portfolio at 56 percent and 36 percent, respectively.
The growth in the loan portfolio resulted in higher gross interest income, however the continued downward pressure on market lending rates saw a further cut in net interest margins of the bank.
The bank put more focus on growing non-trading related fee income, which grew 17 percent on a year-on-year basis.
Increase in deposit liabilities was driven by the 17 percent growth in low-cost CASA. Net worth stood at P9 billion, which resulted in capital adequacy ratio (CAR) of 14.3 percent, well above the BSP’s statutory requirement.
Net income stood at P373 million, lower than the same period last year.
Total assets reached P83 billion in June, 11 percent higher than the same period last year with deposits totaling P72 billion, up by nine percent.
As of June 2015, RCBC Savings operated 150 branches and extension offices, 32 lending units and 408 ATMs nationwide.