RCBC earns ?5.4 B, up 25% in 2019
By JAMES A. LOYOLA
Rizal Commercial Banking Corporation (RCBC) registered 25 percent hike in net income to ?5.4 billion in 2019, driven by the expansion in its core business, complemented by high margin, strong trading gains, and higher fee-based income.
In a disclosure to the Philippine Stock Exchange, RCBC said its gross revenues grew 35 percent to ?35.9 billion as interest income from loans and receivables expanded by 21 percent.
This is due to the solid volume growth and sustained margins across all customer segments.
Likewise, non-interest income increased significantly by 125 percent coming from stronger contributions in treasury-related and fee-based income, which includes deposit and branch fees, trust fees, and card related fees – both credit and debit cards.
“RCBC’s strong performance in 2019 sets the stage for the kind of growth we want to see in the future: Produced by well positioned businesses in the key market segments we operate in through innovative products and quality service,” RCBC President and CEO Eugene S. Acevedo said.
The Bank’s small and medium enterprises (SME) and consumer loan segments saw solid double-digit growth of 29 percent and 18 percent, respectively.
Credit cards also saw a robust growth with card receivables accelerating by 44 percent, and a card base of almost 877,000 growing by 26 percent year-on-year.