Yuchengco bank assets breach P1T; H1profit soars on loan expansion, treasury yields

Rizal Commercial Banking Corp. said its net income jumped 84 percent to P6.14 billion in the six months through June, led by strong loan growth and expansion in treasury assets.

The Yuchengco-led bank’s assets crossed the P1 trillion mark, or 19 percent higher than the previous year due to the robust performance of its core business.

RCBC saw loans from corporate, SME, mortgage and credit card segments expand during the period.

Total gross income jumped 24 percent to P21.23 billion driven by the 18 percent rise in net interest income as well strong growth in trust, retail, and digital transaction.

Cross-selling initiatives boosted RCBC’s credit card portfolio by 27 percent, bringing total cards in force to nearly 925,000.

DiskarTech saw a 199 percent surge in total transaction value, while RCBC Digital posted a 53 percent increase. The sustained momentum in the bancassurance business also prompted the early renewal of the partnership between RCBC and Sun Life Grepa Financial Inc.

Supporting RCBC’s asset build-up strategy is the 24 percent hike in total deposits to P739.51 billion led by the 18 percent rise in low-cost CASA deposits.

RCBC’s capital base grew to P112.05 billion.

“We are excited to unlock more business opportunities and make positive disruptions to accelerate our growth and create more value for our customers,” RCBC president and CEO Eugene S. Acevedo said.

As of the end of June, RCBC had a total network of 446 branches, 1,280 automated teller machines, and 1,345 ATM Go terminals across the country.

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Construction work starts on Metro Manila Subway

The Department of Transportation (DOTr) broke ground on the construction of two stations of the Metro Manila Subway, a 33-kilometer underground railway system which will connect Valenzuela City to Pasay City.

Construction work starts on Metro Manila Subway

The Department of Transportation (DOTr) broke ground on the construction of two stations of the Metro Manila Subway, a 33-kilometer underground railway system which will connect Valenzuela City to Pasay City.