RCBC income hits all-time high in 2023

Rizal Commercial Banking Corp. grew its net income by 15 percent to hit a record P12.22 billion in 2023, fueled by faster-than-industry loan and deposit growth.

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"RCBC saw another breakthrough year in our financial performance, complemented with more recognitions in digital banking and customer service," RCBC president and CEO Eugene Acevedo said a statement.

The Yuchengco-led bank said customer loans went up by 15 percent to P622 billion, outpacing the industry average.

The growth was driven by the solid 29-percent jump in the consumer segment, fueled by credit card and housing loans.

"The bank saw tremendous success in data-driven acquisition campaigns, with credit cards consistently outperforming industry in both balances and billings with 48 percent and 45 percent growth, respectively," RCBC said.

According to RCBC, its housing loans business recorded the highest bookings to date, boosting the portfolio by 22 percent from 2022.

On the asset quality side, tighter credit policies and prudent remedial management kept the bank's gross non-performing loan (NPL) ratio low at 3.34 percent in 2023, an improvement from 3.75 percent in 2022.