RIZAL Commercial Banking Corp. on Monday reported a net income of P2.2 billion for January to March, down 39 percent from P3.6 billion a year earlier, as higher expenses offset a strong increase in revenues.Revenues from core businesses totaled P11.6 billion, with net interest income growing by 32 percent to P18.9 billion and fees surging by 44 percent to P2 billion.
Credit cards remained the bank's fastest-growing segment, posting above-industry growth of 55 percent, with the bank's credit card billings expanding by 42 percent in the first three months compared to industry expansion of 17 percent.Personal and salary loans, meanwhile, more than doubled from last year amid the bank's initiatives to enhance customer experience across platforms.
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