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RCBC Trust’s AUMs hit P161 billion

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THE TRUST arm of Rizal Commercial Banking Corp. (RCBC) recorded P161 billion in assets under management (AUMs) as of February amid strong client growth, it said on Tuesday.

This was an increase from the P147.49 billion recorded as of March 2023, RCBC Trust Corp. said in a statement.

The company’s market share among electronic money issuers also grew, with investments increasing to P1 billion from P200 million in the same period.

“Additional services such as investment advisory and estate planning are now being offered by RCBC Trust Corporation. We believe that these two services will be additional avenues of growth for the company,” RCBC Trust President and Chief Executive Officer Robert B. Ramos added.

RCBC Trust began operating on Jan. 1 as the listed bank spun off its trust unit into a stand-alone firm.

Its parent RCBC’s attributable net income rose by 1.14% to P12.218 billion in 2023 amid higher loans and deposits.

RCBC shares gained 40 centavos or 1.74% to end at P23.40 apiece on Wednesday. — A.M.C. Sy