RIZAL Commercial Banking Corp. (RCBC) booked a "record high profit" of P12.22 billion in 2023, driven by above-industry growth in its customer loans and deposits.

"RCBC saw another breakthrough year in our financial performance, complemented with more recognitions in digital banking and customer service," RCBC President and Chief Executive Officer Eugene Acevedo said in a statement on Tuesday.

Acevedo vowed to strengthen the use of artificial intelligence (AI) and data science across the bank's systems to guide "product innovation and exceptional service delivery."

RCBC said its customer loans climbed 15 percent to P622 billion last year as consumer loans — mainly credit cards and housing — soared 29 percent year-on-year.

The bank said its credit card business consistently outperformed the industry "in both balances and billings, with 48 percent and 45 percent growth, respectively."

It also achieved its "highest bookings to date" in its housing portfolio, resulting in a 22 percent portfolio expansion versus the previous year.

It said total deposits amounted to P957 billion, boosted by strong growth in current account savings account (CASA) "across all segments."

CASA deposits rose 19 percent, outpacing the industry's 3.0 percent growth, aided by efficient cash management and payroll solutions as well as extensive business relationships.

"With total assets of over P1.2 trillion, RCBC solidified its position as the fifth largest private bank in the country," it said.

Asset quality also improved due to "tighter credit policies and prudent remedial management," resulting in a lower gross non-performing loan (NPL) ratio of 3.34 percent against the previous year's 3.75 percent.

As of the end of 2023, RCBC's banking network consisted of 458 branches, 1,460 automated teller machines (ATMs), and 5,779 ATM Go terminals located across the country.

RCBC shares slipped by 0.41 percent to P24 each on Tuesday.