RCBC posts P2.2 billion profit in Q1 2024, driven by robust core business growth

The Yuchengco familys’ Rizal Commercial Banking Corp. (RCBC) recorded a robust unaudited net income of P2.2 billion during the first quarter of 2024, fueled by a significant 32 percent increase in net interest income and a 44 percent rise in fees.

RCBC president and CEO Eugene S. Acevedo

These collectively pushed revenues from core businesses to P11.6 billion, the banking giant said in a stock exchange filing on Monday. 

Total assets grew to P1.23 trillion, a 7 percent increase from the previous year, largely due to a 13 percent expansion in earning assets spurred by substantial growth in consumer loans. 

The credit card segment demonstrated notable growth, rising 5 percent and outperforming the industry average of 30 percent, while credit card billings surged by 42 percent against the industry's 17 percent. 

Additionally, deposits continued their upward trend, increasing by 12 percent to P959 billion, with current and savings account deposits climbing by  13 percent. 

About the author
Miguel R. Camus
Miguel R. Camus

Miguel R. Camus has been a reporter covering various domestic business topics since 2009.

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