RCBC’s first-quarter net income fell 39% to P2.2b

Defining the News

Rizal Commercial Banking Corp. , the lending arm of the Yuchengo Group, reported an unaudited net income of P2.2 billion in the first three months of 2024, down 39 percent from P3.63 billion it earned in the same period last year.

The bank said its revenues from core businesses amounted to P11.6 billion, leading to a net interest income growth of 32 percent. Fees also went up 44 percent. “From AI and data-driven campaigns to streamlined processes via robotic process automation, we commit to exploring new and exciting ways we can bring customer experience to the next level,” he added.Total assets reached P1.23 trillion as of March 31, 2024, up by 7 percent, boosted by the 13-percent jump in earning assets. This was mostly driven by the loan expansion, particularly in the consumer segment.

Deposits sustained their momentum and ended 12 percent higher at P959 billion. Current and savings account deposits climbed 13 percent amid stronger push for various cash management initiatives, coupled with client acquisition programs.

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MlaStandard /  🏆 20. in PH

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