RCBC named among world's top banks

MANILA, Philippines - Rizal Commercial Banking Corp. (RCBC) has joined the ranks of the world’s top 1,000 banks, according to the latest survey that is released annually by reputable global financial publication, The Banker.

Occupying 693rd place overall in the list, which is compiled by the publication based on financial strength, asset size, capital adequacy ratio, profits, and other performance-based criteria.

RCBC president and CEO Lorenzo V. Tan explained that this achievement reflects the company’s efforts to improve its operations. “We are very pleased to finally be an entrant in this top listing,” he said. “It signifies recognition of our endeavors to constantly raise our income performance and strengthen our balance sheets while maintaining a strong capital adequacy ratio,” he said.

Predominantly based on 2009 figures, The Banker’s rankings include RCBC on the strength of the bank’s Tier 1 capitalization of $586 million, and asset size amounting to $6.22 billion. The Banker further cites RCBC’s soundness based on the bank’s capital adequacy ratio of 18.47 percent, higher than the minimum Basel and Bangko Sentral ng Pilipinas (BSP) requirements.

As of the first half of this year, RCBC’s net income stood at P2.11 billion, 24.8 percent higher than last year, with total consolidated resources of P283 billion.

RCBC’s strong performance was attributed to the healthy growth in core retail banking, corporate banking, and small and medium enterprise business supported by gains from Treasury operations.