RCBC net income drops 22% in 2024 amid lower one-time gains

RCBC experienced a 22% decrease in net income to ₱9.5 billion in 2024, largely due to the absence of one-time gains recorded in the previous year.

Despite the reported dip, RCBC's core operations demonstrated resilience, showing a 13.6% year-on-year growth in net income when excluding non-recurring gains from 2023.

The bank's net interest income surged by 26% to ₱42.5 billion, driven by a 14% rise in loan volumes and improved yields.

RCBC's consumer loan portfolio expanded significantly, contributing 40% to the total ₱709.7 billion loan portfolio.

The bank's total loan portfolio grew by 17.2%, significantly exceeding the industry's average loan growth of 11.1% as of November 2024.

Credit card receivables saw a substantial increase of 48%, with a corresponding 21% rise in cards in force and a 41% increase in billings.

Secured consumer loans, including mortgages and auto loans, also posted strong growth of 30% in 2024.

RCBC President and CEO Eugene S. Acevedo highlighted the rapid growth in the consumer loan portfolio as a key strategy to engage customers and establish RCBC as their primary bank.