RIZAL COMMERCIAL Banking Corp. (RCBC) posted a net income of P6.2 billion in the first half of the year amid the expansion of its loan book, it said on Thursday.
The bank’s first semester performance translated to a return on equity of 11.1% and an annualized return on asset of 1.11%, it said in a statement.
Its financial report was unavailable as of press time.
Gross income rose by 10% to P23.5 billion, driven by higher loans and deposits, as well as higher fee income from retail transactions and the sale of assets, RCBC said.
“RCBC continues to perform better than the industry as we focus on high growth segments and equip our people with digital and data science tools. We are also excited to expand further with the help of our newest shareholder, the Sumitomo Mitsui Banking Corp. (SMBC),” RCBC President and Chief Executive Officer Eugene S. Acevedo said.
The lender said it saw a 14% increase in loans.
Broken down, loans to small and medium enterprises (SME) and consumers grew by 18%. Credit card receivables increased by 48%, while gross billings went up by 54% on the back of data-driven and personalized campaigns.
On the funding side, total deposits rose by 22% year on year, with current and savings account deposits growing by 17%, driven by the expansion to the retail and SME markets outside Metro Manila.
The bank’s total assets rose by 17% to P1.2 trillion from last year’s level.
RCBC completed the sale of an additional 15.001% stake to SMBC on July 31, resulting in a P27-billion capital infusion. The bank said this will boost its capital ratios by over 300 basis points.
The lender also enhanced its mobile banking app now called RCBC Pulz.
“This all-in-one app delivers a seamless, better and personalized experience, equipped with multiple security features to ensure safe digital banking for their customers,” RCBC said.
With the enhanced app, clients can access banking services such as investments through the digital unit investment trust fund feature.
As of June, RCBC had a total of 462 branches, 1,409 automated teller machines (ATM), and 2,881 ATM Go terminals nationwide.
RCBC’s shares gained 10 centavos or 0.43% to close at P23.30 apiece on Thursday. — A.M.C. Sy