Rizal Commercial Banking Corp., a member of the Yuchengco Group of Companies and one of the largest banks in the country, said Thursday net income in the first three months climbed 70 percent year-on-year to P3.6 billion on sustained strength of business segments.
RCBC said in a disclosure to the stock exchange the annualized return on equity improved to 13.3 percent, while annualized return on assets reached 1.3 percent.
Total resources expanded 20 percent year-on-year to P1.2 trillion, with the steady buildup of earning assets—customer loans went up by 10 percent and investment securities rose by 27 percent.
Accounting for 18 percent of asset growth for the period, the bank’s loan portfolio focused on higher yielding segments such as small and medium enterprises went up by 18 percent, consumer loans up by 14 percent and credit card receivables up by 46 percent.
“We are reinforcing our sales network to enable wider and efficient coverage, guided by the data science and analytics to further understand customer needs and serve them better,” RCBC president and chief executive Eugene Acevedo said in a statement.
