Rizal Commercial Banking Corporation posted an unaudited consolidated net income of P7.1 billion in 2021, surging 41 percent from last year.
Net income for the fourth quarter propped up the upward momentum with a 72 percent increase year on year to P1.7 billion.
The solid performance of the core business boosted gross income, net of trading and FX gains, by 13 percent. Customer loans accelerated at a pace faster than the industry, higher by 12 percent.
Total deposits saw an unprecedented rise of 26 percent, also stronger than the industry average. The level of investment securities more than doubled during the year, for total earning assets to expand by 31 percent year on year.
“We are committed to be at the forefront of delivering customer-centric innovation in the country. We remain focused on collaborating with our fintech partners to expand our arsenal of digital solutions. This will provide our clients an exciting and convenient banking experience,” RCBC President and CEO Eugene Acevedo said.
Net interest income increased by 10 percent, as the bank built up loans and receivables mostly from the corporate segment, higher by 15 percent, and SME, up by 19 percent.
Consumer loans also inched up by 5 percent. Net interest margin remained healthy at 4.1 percent, supported by lower funding cost, as low-cost CASA deposits jumped by 23 percent.
Robust investment banking engagements and more retail and digital transactions allowed fee income to expand by 29 percent from last year.
RCBC’s total assets rose 24 percent to P959 billion, with loans and receivables and investment securities comprising 56 percent and 23 percent of the total, respectively.
