The continued recovery of the domestic economy makes executives of Rizal Commercial Banking Corporation (RCBC) optimistic of a similar outcome for the bank.
The bank’s net income grew by 41 percent year-on- year last year to PHP7.1 billion, driven by the 13-percent rise of both the revenues and loans and 26-percent increase in deposits.
In a virtual briefing, RCBC senior vice president Maria Christina Alvarez said 2021 was a good year for the bank because of strong growth in their core business and they are committed to continue with this performance.
“The momentum is there. Really, the outlook is to have the same trajectory for core business. We see GDP (gross domestic product) growth at 6 percent at the least and we’re going to participate in that growth. So, again, the momentum of 2021 is continuing in 2022,” she said.
RCBC’s capital expanded by 10 percent to PHP111 billion last year and capital adequacy ratio (CAR), which is a gauge of a bank’s financial health, stood at 15.2 percent, higher than regulatory requirements. Alvarez said they forecast growth in asset base this year to be around mid-teens from around 24.2 percent in 2021.
“It will be tempered this year but we still see strong growth. So, there will be pockets of opportunities across the board,” she said.
The Philippine News Agency
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