Rizal Commercial Banking Corporation posted a 36 percent growth in unaudited consolidated net income to P2.1 billion for the first quarter of 2022 from the same period last year.
In a disclosure to the Philippine Stock Exchange, the bank said net income continued on an upward trajectory, with a 23 percent increase from the previous quarter, buoyed by robust core business growth.Total gross income expanded by 19 percent year-on-year to P9.9 billion driven by the 25 percent rise in net interest income.
Keeping the momentum, the Bank built up loans primarily from the corporate and SME segments, increasing by 8 percent and 16 percent, respectively. “We are confident that ute can sustain this performance as step up our efforts to strengthen the Bank’s core businesses, and continuously explore opportunities to provide the best customer experience,” RCBC President and CEO Eugene S. Acevedo said.
RCBC reinforced its credit buffer, recognizing P1.6 billion in provisions for impairment losses in the first quarter of 2022.
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