RCBC targets 5-10% net income growth in 2018

Rizal Commercial Banking Corp. (RCBC) is looking at a 5 to 10 percent net income growth this year, in line with the country’s economic expansion.

“Our performance for this year, we are looking at anywhere between 5 to 10 percent," RCBC president and CEO Gil Buenaventura told reporters in a briefing in Makati City on Friday.

“If our net income last year is P4.3 billion, 5 percent is around P4.6 billion and 10 percent would be P4.8 billion,” Buenaventura said.

For the full-year 2017, the bank posted a net income of P4.3 billion, up 11.4 percent from P3.9 billion in 2016.

Buenaventura said the “conservative” target is in line with economic growth estimates of 7 to 7.5 percent this year.

“We don’t want to grow higher than the economy ... That’s why we are conservative when it comes to our target,” he said.

RCBC is banking on small and medium enterprises, as well as corporate clients and the consumer sector to drive its bottom line this year. —VDS, GMA News