Update on RCBC Loans from January to September 2021
RCBC LOANS – Rizal Commercial Banking Corp. (RCBC) revealed its unaudited consolidated net income amid its loan growth from January-September.
Almost all businesses in the Philippines were affected by the pandemic. If there are those that are making profits now, it is because they have prepared excellent strategies for circumstances like this and they have learned to cope with the situation now.
Banks which are among the essential establishments were even affected by the current situation. Considering that they are essential establishments, they are among those that are allowed to operate even under strict quarantine measures but they have to abide by the protocols. Most banks reduced their physical workforce and adjusted the banking hours.
The usual income of several banks dropped amid the pandemic. Most banks looked for ways to keep up with their services to the clients amid the situation now. They utilized online resources.
Meanwhile, visibly, the strategies of most banks in dealing with the situation caused by the COVID-19 worked. Many of them recorded growth in their net income. One of these banks is Rizal Commercial Banking Corp. or more commonly called (RCBC).
Based on a report on ABS-CBN News, from January to September 2021, the RCBC loans grew by 13% while the low-cost Current Account Savings Accounts (CASA) of the bank grew by 30%. With regards to its unaudited consolidated net income, the bank reported P5.3 billion.
The said unaudited consolidated net income of the bank that is due to the growth in the RCBC loans and several other factors is 33% higher compared to last year’s net income. The bank’s corporate loan portfolio grew by 17% while its SME portfolio grew by 18%.
According to RCBC, their ongoing digital transformation contributed a lot to their growth and boosted cost-efficiency.
“We are excited to further bring fintech innovation across all product lines, as we see a rapid shift in the trajectory of financial services even beyond the pandemic,” Eugene Acevedo, RCBC president and Chief-Executive-Officer, said.
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