RCBC SME loan portfolio to exceed P100 billion

MANILA, Philippines — Yuchengco-led Rizal Commercial Banking Corp. (RCBC) intends to grow its small and medium enterprises (SME) loan portfolio by nine percent to P101.5 billion this year from P93.4 billion last year, as the country continues to bounce back from the impact of the   pandemic.

Angie Tinio, head of the SME banking group at RCBC, is optimistic that the accommodative monetary policy settings of the Bangko Sentral ng Pilipinas (BSP) will help safeguard the momentum of economic recovery.

“Moving on from a more cautious position during the previous year, and as the economy is now reopening, businesses are resuming and consumer spending is picking up, lending is seen to accelerate and boost revenues,” Tinio said.

The RCBC SME Banking Group reported a record-high  new accounts, with a 233 percent jump in new SME accounts.

According to the  bank, the group’s current account/savings accounts (CASA) deposit contribution is envisioned to grow by 17 percent, with more clients seen embracing the digital realm.

Tinio said   initiatives for cross-selling and product bundling are likely to build more traction this year, with the bank having more to offer in terms of products and services, business solutions, and cash management solutions that provide convenience of digital banking to clients.

“We foresee further intensification of the deposit business this year, with the growing roster of bundled products that combine digital cash management solutions suitable to the needs of SME customers, including the bank’s latest payment solutions PayPortal and CheckScan, as well as the impending launch of the newest payment channel QuickeR Pay,” Tinio said.

Furthermore, all lending relationships and credits are vetted from an environmental and social risk perspective under RCBC’s Environmental and Social Management System.

Global Banking and Finance recently recognized RCBC as the Best SME Bank in the country.

The profit of publicly held bank jumped  by 36 percent to P2.1 billion in the first quarter,   buoyed by robust core business growth that offset the rise in provision for potential loan losses.