RCBC becomes PH’s 5th largest privately-owned bank
RCBC becomes PH’s 5th largest privately-owned bank, posts 71% profit hike in 2022
With PhP 1.2 trillion in total resources, Rizal Commercial Banking Corporation (RCBC) became the 5th biggest privately-owned bank in the country as of end-2022. This is on the back of a substantial 23% increase in earning asset volume, while maintaining above-industry net interest margin at 3.7%. Total deposits soared 27% year-on-year, outpacing the industry’s average of 12%.
RCBC achieved significant expansion in various business segments during the year. Investment securities rose by over 70% year-on-year, while SME loans and credit cards posted solid double-digit increases. The credit card business recorded a faster-than-industry growth in billings and balances, while keeping NPL at its lowest in over a decade. Data science and analytics were instrumental in boosting customer acquisition and cross-selling to augment the Bank’s foothold across key segments.
Net income for full year 2022 reached PhP 12.1 billion, 71% higher from previous year, supported by the double-digit increase in core business income. Fee income likewise showed marked improvement of 19% from 2021 due to higher retail, bancassurance and digital transactions. Return on equity stood at 11.2%, and return on assets improved to 1.2% in 2022.
“We continue to work hard and smart to accelerate our transformation journey. Delivering best-in-class customer experience remains our main thrust. And so we are excited to develop more digital innovations and disruptive solutions that can reshape the way we do banking,” RCBC President and CEO Eugene S. Acevedo said.
The Bank kept its capital ratios well above regulatory requirements--CAR of 15.29% and CET1 ratio of 12.33%. With an upcoming PhP 27 billion capital injection from Sumitomo Mitsui Banking Corporation (SMBC), one of Japan’s largest banks and 12th largest bank in the world, RCBC can reinforce its asset growth trajectory to become one of the biggest banks in the country.
Cementing its position as a digital leader, RCBC was named Asiamoney’s Best Bank for Digital for the third consecutive year in 2022. It also bagged numerous awards from prestigious organizations, including “Best Retail Bank,” “Best Corporate Bank,” and “Best SME Bank” at the Global Banking and Finance Awards.
As of end-2022, RCBC had a total consolidated network of 462 branches, 1,352 automated teller machines, and 1,559 ATM Go terminals strategically located nationwide.
RCBC is a leading financial services provider in the Philippines, offering a wide range of banking and financial products and services. RCBC is engaged in all aspects of traditional banking, investment banking, microfinance, retail financing (auto, mortgage and housing loans, and credit cards), remittance, leasing, foreign exchange, and stock brokering. RCBC is a member of the Yuchengco Group of Companies (YGC), one of the oldest and largest conglomerates in South East Asia. For more information, please visit https://www.rcbc.com.