RCBC Savings eyes 20% loan growth

Tuesday, September 23, 2008

The RCBC Savings Bank (RSB) is optimistic of hitting its 2008 consumer loan portfolio growth this year as its first semester figures continues to grow in double digits.

“The growth came mostly from an expansion in loans and financial assets,” said RSB president Lope Fernandez. “We are looking at growing our consumer loan portfolio by more than 20 percent this year,” he added.

Loan portfolio grew to P30 billion in the first six months of 2008, or a 14.6 percent growth from the P26.1 billion in the same period last year.

The main bulk of growth came from its consumer loan portfolio. It grew by 13.4 percent to P28.1 billion this year from the P24.8 billion in 2007.

The auto loan portfolio increased by 24.9 percent to P9.4 billion from P7.5 billion in 2007. Mortgage loans grew to P18.1 billion, or 9.5 percent from P16.5 billion in the same comparable period in 2007.

The thrift bank of the Yuchengco Group of Companies reported deposits worth P37.3 billion from the previous P35.2 billion.

As of end-June 2008, the bank’s assets ballooned to P44.5 billion, or a 10.5 percent grow from the P40.3 billion in the same period of the previous year.

Capital expanded to P5.5 billion for an unprecedented 43.1 percent leap from P3.8 billion.

This significant rise was brought about by both a P1-billion capital infusion in October 2007 and profit retention. Boosting its double-digit growth is its twin loan promos.

The RCBC Fully Furnished Housing Loan gives qualified home loan applicants free appliances such as flat screen TVs and other prize showcases, while the RCBC Fully Loaded Auto Loan gives away two brand new cars in a grand raffle, have recently been very successful in expanding the thrift bank’s customer base.

Recently, it launched Freedom to Choose Deposit Promo earlier this month where depositors are rewarded a choice of gift checks from various prestigious tie-up merchants for every P25,000 minimum deposit they make. They may even opt for an RCBC MyWallet reloadable cash card as a reward. RSB operates 111 branches nationwide and is a known provider of home, auto and personal loans to qualified borrowers. – Ted Torres