Yuchengco-led Rizal Commercial Banking Corp. (RCBC) saw its digital disbursements in the provinces via handheld automated teller machine (ATM) service reach P2 billion in just five months.
The listed bank said it took only half the time this year to breach the transaction value level. Last year, RCBC surpassed the P2-billion mark in 10 months.
The Yuchengco-led bank attributed this to higher usage rate following the enforcement of community quarantine in Luzon mid-March.
“Beyond these numbers are the underserved Filipinos, who are rightfully and finally receiving life-changing financial services at the comfort and safety of their own communities,” said Angelito M. Villanueva, executive vice president and chief innovation and inclusion officer of RCBC.
“Indigent members of our society contribute bulk of the transactions coursed through the ATM Go service, due largely to our productive collaboration with the national government,” he added.
ATM Go is a platform that allows BancNet cardholders to make basic banking transactions like withdrawals, inquiry and fund transfers through any partner rural bank, drug stores, microfinance firms and even sari-sari stores.
RCBC said 60 ATM Go terminals were provided to new and existing payout partners in April and May. These are the New Rural Bank of San Leonardo, Cantilan Bank, Baug CARP Beneficiaries Multi-Purpose Cooperative, Kooperatiba ng Sampaloc, Bayad Center branches, and other small, and medium enterprises.
Up to 90 more of the mobile ATM platform is expected to be given to onboarding partners by June.
The mobile ATM has been endorsed by the government to facilitate conditional cash transfer program amid the pandemic. In April, RCBC was given the authority by the Monetary Board to accept government funds and assist in cash distribution under the social amelioration program.
Most of the transactions coursed through ATM Go were in Metro Manila, Northern Samar, Negros Occidental, Masbate and Marinduque, RCBC said.
The Yuchengco-led bank saw its net income grow by 77 percent to P2.3 billion while gross revenues rose by 23 percent to P10 billion in the first three months. Topline figures were driven by net interest income and non-interest earnings, which increased by 19 percent and 29 percent, respectively.
RCBC listed its P7.05-billion fixed rate bonds on the Philippine Dealing and Exchange Corp. in April. Proceeds of the issuance were set aside for finance asset growth, maturing obligations and other general corporate matters.
RCBC shares climbed by P1.44, or 9.9 percent, to close at P15.98 each amid the 0.49-percent uptick for the main index on Wednesday.