RCBC eyes 27% loan portfolio expansion in 2024
MANILA, Philippines — Rizal Commercial Banking Corp. (RCBC) aims to grow its loan portfolio this year by 27 percent to P160 billion as it develops new loan campaigns and programs to attract more customers.
The Yuchengco-led bank on Monday said the growth target in its consumer lending group (CLG) could also be achieved through targeted selling using analytics, new products, upgrading its existing loan management system, and internal sales growth.
“As the unit with the highest growth target among RCBC’s business units, CLG aims to increase its share of growth even further,” said Ramil de Villa, RCBC consumer lending group head.
RCBC, the country’s fifth largest private bank, said car and housing loans buoyed the growth in its loan portfolio, apart from consumer loans such as credit cards and personal loans.
“That’s how aggressively we are growing the business,” De Villa said, adding that they wanted to sustain growth through collaboration with Sumitomo Mitsui Banking Corp. (SMBC).
SMBC increased its stake in RCBC to 20 percent from 4.99 percent in 2022.
READ: Japan’s Sumitomo Mitsui raises stake in RCBC via P27-B deal
This brought in P27.13 billion in additional capital to RCBC which was meant to fund the bank’s long-term asset growth, as well as investments in technology, cybersecurity, and human resources.
RCBC recorded P12.22 billion in earnings last year, a slight increase from P12.1 billion in 2022 as consumer loans rose.
