RCBC aims 25% deposits growth in 2014

THE RCBC Plaza. INQUIRER FILE PHOTO

MANILA, Philippines — Rizal Commercial Banking Corp. (RCBC) aims to grow deposits by a fourth in 2014 while expanding its ATM and branch networks.

Raul Victor B. Tan, RCBC retail banking group head, told reporters Tuesday that combined universal banking and savings banking deposits are projected to rise 25 percent on an average daily balance (ADB) basis from the P136 billion and P26 billion, respectively, or a total of P162 billion at the end of December in 2013.

During the first quarter, current and savings accounts (CASA) deposits totaled P190 billion, up 30 percent from P146 billion in the same three-month period in 2013, Tan disclosed. Of the first-quarter deposits, P160 billion were from the universal banking business, while the remaining P30 billion were contributed by the savings banking segment.

Tan said the deposits growth target would be supported by both the retail and corporate businesses.