RCBC net income down 22% to P9.5B

MANILA, Philippines — Yuchengco-led Rizal Commercial Banking Corp. (RCBC) booked a 22-percent decline in its 2024 earnings as a one-time gain recognized in 2023 outweighed gains in the bank’s loan portfolio.

In a stock exchange filing on Tuesday, RCBC said its net income ended at P9.5 billion, down from its record-high of P12.22 billion the previous year.

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Without the nonrecurring gains in 2023, RCBC’s net income would have grown by 13.6 percent, it noted.

Meanwhile, net interest income surged by 26 percent to P42.5 billion due to better yields and higher loan volumes.

RCBC’s loan portfolio booked a 17.2-percent uptick to P709.7 billion, 40 percent of which came from the consumer segment.