RCBC posts 7 percent increase in net income for first half of 2021


Posted at Aug 16 2021 12:44 PM

MANILA - Rizal Commercial Banking Corp on Monday said its consolidated net income for the first half of 2021 rose 7 percent to P3.3 billion compared to the same period last year.

The hike was driven by "sustained expansion" in the customer loan business which grew 9 percent even as the industry contracted by 2 percent, RCBC said in a disclosure to the stock exchange.

Its "solid" loan growth was fuelled by the expansion in the corporate and small and medium enterprise segments by 10 percent and 17 percent respectively, it said.

The bank said it continued to forge new partnerships such as the 4.99 percent acquisition by Sumitomo Mitsui Banking Corp in RCBC.

Its financial app DiskarTech also registered "exponential growth" with total usage value and volume up 388 percent and 163 percent, respectively, the lender said.

"During the pandemic, we launched innovative customer solutions that have gained traction and won recognition. We remain committed to accelerating our digitization efforts, particularly towards financial inclusion," RCBC president and CEO Eugene Acevedo said.

As on June 2021, RCBC has a total of 434 branches, 1,272 automated teller machines (ATM) and 1,535 ATM Go terminals nationwide.


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