RCBC nets P9.5 billion in 2024
MANILA, Philippines — Rizal Commercial Banking Corp. (RCBC) reported a net income of P9.5 billion last year, a 22-percent decline from P12.22 billion in the previous year.
Without the non-recurring gains in 2023, the Yuchengco-led bank said its net income in 2024 registered a 13.6-percent growth year-on-year driven by the momentum of its core business.
RCBC posted a 26-percent rise in net interest income at P42.5 billion from P33.6 billion.
The listed bank attributed the increase to a 14-percent growth in loan volumes and better yields, as consumer loans contributed 40 percent to the P709.7-billion loan portfolio.
“We have grown our consumer loan portfolio at blistering speeds, surpassing industry. This complements our portfolio strategy while ensuring strong engagement with our customer base as their primary bank,” RCBC president and CEO Eugene Acevedo said.
“Data analytics and digital enhancements have become key drivers for our core income growth in 2024 and will remain to be our priorities in 2025,” he added.
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