RCBC eyes 27% loan portfolio expansion in 2024

RCBC eyes 27% loan portfolio expansion in 2024

/ 09:00 AM April 23, 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.

Article continues after this advertisement

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.

FEATURED STORIES

“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.

Article continues after this advertisement

READ: Japan’s Sumitomo Mitsui raises stake in RCBC via P27-B deal

Article continues after this advertisement

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.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: loan portfolio, RCBC

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.