By Cai U. Ordinario | BusinessWorld
February 28, 2023
AS the Yuchengco-led Rizal Commercial Banking Corp. (RCBC) net income surged 71 percent year-on-year in 2022, the bank committed to developing more digital innovations to serve its clients.
RCBC reported that its net income in 2022 reached P12.1 billion. The growth was driven by the double-digit increase in its core business income.
With this, the bank’s total resources climbed to P1.2 trillion making it the 5th biggest privately-owned bank in the country as of end-2022.
“We continue to work hard and smart to accelerate our transformation journey. Delivering best-in-class customer experience remains our main thrust. And so we are excited to develop more digital innovations and disruptive solutions that can reshape the way we do banking,” RCBC President and CEO Eugene S. Acevedo said in a statement.
RCBC said it achieved significant expansion in various business segments during the year. Investment securities rose by over 70 percent year-on-year, while SME loans and credit cards posted solid double-digit increases.Its credit card business also recorded a faster-than-industry growth in billings and balances, while keeping NPL at its lowest in over a decade.
Further, data science and analytics were instrumental in boosting customer acquisition and cross-selling to augment the bank’s foothold across key segments.
In 2022, the bank’s fee income likewise showed marked improvement of 19 percent from 2021 due to higher retail, bancassurance and digital transactions. RCBC also said that its return on equity stood at 11.2 percent, and return on assets improved to 1.2 percent in 2022.
The bank kept its capital ratios well above regulatory requirements–CAR of 15.29 percent and CET1 ratio of 12.33 percent.
With an upcoming P27 billion capital injection from Sumitomo Mitsui Banking Corp. (SMBC), one of Japan’s largest banks and 12th largest bank in the world, RCBC can reinforce its asset growth trajectory to become one of the biggest banks in the country.
As of end-2022, RCBC had a total consolidated network of 462 branches, 1,352 automated teller machines, and 1,559 ATM Go terminals strategically located nationwide.
RCBC was named Asiamoney’s Best Bank for Digital for the third consecutive year in 2022. It also bagged numerous awards from prestigious organizations, including “Best Retail Bank,” “Best Corporate Bank,” and “Best SME Bank” at the Global Banking and Finance Awards.
Source: https://businessmirror.com.ph/2023/02/28/rcbc-sets-sights-on-more-digital-innovations/