RSB posts 21% hike in loan portfolio

MANILA, Philippines – The RCBC Savings Bank (RSB) has posted a 21-percent boost in loan portfolio in the first three months of 2016, or from P63 billion end 2016 to approximately P73.9 billion, tracking ahead of the full year target of P76 billion.

RSB president Rommel Latinazo said drivers of growth were the aggressive surge in its core loans, or from auto and mortgage loans, which account for 38 percent and 52 percent of the portfolio, respectively.

In terms of asset quality, non-performing loans (NPL) ratio further improved to 2.1 percent from 2.6 percent last year.

Net income for the first quarter of the year amounted to P200 million, a slight increase from the P194 million record in the same period in 2015, as gross interest income rose 15 percent, while non-interest income reached P162 million.

The thrift bank of the Yuchengco Group experienced an increase in operating expenses as it invests in manpower and technology.

“Deposits expanded to P73 billion, as the bank Save Up and Move Up promo, which enables CASA depositors to win the following prizes: two grand prizes - Honda Mobilio and condominium unit at the Beacon Makati; consolation prizes – living room package, bedroom package and kitchen package, serve as a magnet for growth,” Latinazo said, noting that the promo runs until Nov. 30.

At the start of April, RSB reflect total assets at a high of P90 billion.

The bank’s capital stood at P10 billion resulting in capital adequacy ratio (CAR) of 13.3 percent, above the 10-percent minimum requirement of the Bangko Sentral ng Pilipinas (BSP).

The thrift bank’s branch network stood at 152, complemented by 438 in-branch and offsite automated teller machines (ATMs).

At the end of 2015, RSB reported a net income of P1.249 billion, up 21.2 percent from the P1.03 billion recorded in 2014, and the P1.15 billion in 2013.

Loan portfolio expanded 19.8 percent, or from P52.6 billion in 2014 to P63 billion last year.

Also in 2015, RSB cemented its status as the third best performing thrift bank in the country, in terms of earnings, assets, loans and deposits.

In fact, BPI Family Savings Bank, the Philippine Savings Bank (PSBank), and RSB have maintained their hold on the top three places in the past few years.

China Bank Savings (CBS), the Philippine Business Bank (PBB), City Savings Bank (CitySavings) and PNB Savings Bank have been jocking for position to secure permanent slots in the next four top positions.