The Yuchengo family-led lender said net income from January to June jumped 84 percent to P6.14 billion as net interest earnings rose 18 percent from the same period in 2021.
Moreover, RCBC said total assets increased 19 percent to more than P1 trillion after expanding customer loans and treasury assets.
The company credits gains in its loan portfolio to “data science and analytics.”
“[T]he bank cautiously built up loans primarily from safe-haven sectors in the corporate, [small and medium enterprises], mortgage and credit card segments,” it said in a statement on Monday.
RCBC said its credit card business grew 27 percent to 925,000 cards amid cross-selling activities.
“We are excited to unlock more business opportunities and make positive disruptions to accelerate our growth and create more value for our customers,” said RCBC president and CEO Eugene S. Acevedo.
Return on equity improved to 9.5 percent while return on assets stood at 1.1 percent, the statement showed.
Provisions for bad loans dropped 20 percent while the non-performing loan ratio eased lower to 2.73 percent, the statement showed.
Meanwhile, RCBC recorded a 48 percent increase in non-interest income from gains across trust, retail, and digital transactions.
The lender ended June with total deposits of P739.51 billion, up 24 percent, mainly on the 18 percent rise in deposits in current and savings accounts.