Profits of Rizal Commercial Banking Corp. (RCBC) surged by 88 percent to P10.1 billion in the nine months ending September, buoyed by a double digit rise in gross income.
RCBC said net interest income increased by 13 percent to P24 billion on the back of higher growth in loans and investment securities.
Non-interest income soared by 92 percent to P10.6 billion as a result of higher retail transactions, foreign exchange gains, and gains from a property sale in September.
“The continued thrust towards customer centricity and digital transformation allowed the bank to innovate, be more competitive, leading to sustainable growth,” RCBC president and CEO Eugene Acevedo said.
RCBC’s cost-to-income ratio saw an improvement from 63 percent to 55 percent, while higher overall business volume contributed to an uptick in variable expenses.
Provision for impairment losses dropped by eight percent as asset quality improved, with net NPL ratio easing to 2.15 percent.
“We remain attentive to managing cost drivers vis a vis investments for the future,” Acevedo said.
RCBC ended September with a network of 452 branches as it opened 19 new outlets in key business areas since the start of the year.
It also has 1,313 automated teller machines.
