The Market Monitor Minding the Nation's Business
The Rural Bank of Sta. Rosa (Laguna), Inc. has reported a substantial increase in net income for the first three quarters of the year, reflecting a strong growth trajectory.
According to data shared by Raffy Montemayor, the bank’s chair and co-founder of financial technology firm Salmon, the bank’s net income surged to P166.7 million, up from USD1.7 million in the same period last year.
The bank’s loan portfolio also saw impressive growth, rising to P798.8 million from P67.5 million in the previous year. Similarly, total deposits increased significantly, reaching P522.1 million from P77.5 million.
“This increase in net income will be reinvested into the bank, allowing us to enhance our technologies and expand our team,” Montemayor said during a briefing at the Century Park Hotel in Manila. “The financial health of the bank is strong, and we are growing profitably and sustainably. This growth enables us to invest more in technology and human resources, setting the stage for scaling up the bank and advancing its license over time.”
Salmon acquired a 59.7-percent controlling stake in the Rural Bank of Sta. Rosa in January, injecting fresh capital into the bank to support these investments.
In addition to its branch in Sta. Rosa, Laguna, the bank has a branch in Bacoor, Cavite, and plans to expand further.
The bank has recently signed a lease for a new location in Bonifacio Global City, Taguig, which is set to open in the second quarter of 2025. It is also exploring opportunities for a new branch in Cebu.
Montemayor highlighted that the bank’s growth is backed by strategic partnerships with the International Finance Corporation (IFC), a member of the World Bank Group; Northstar Group, a Singapore-based private equity and venture capital fund manager; ADQ, the sovereign wealth fund of Abu Dhabi; and a network of international and local investors.
Looking ahead, Montemayor revealed that the bank aims to increase its authorized capital to as much as PHP2 billion by the end of 2025. This capital infusion will support further investments in talent, technology, new products, and the bank’s expanding loan portfolio.
In addition to these initiatives, Salmon plans to launch a prepaid card on the MasterCard network by the end of the year. This card, which will be linked to customers’ credit lines, will allow users to make transactions with partner merchants nationwide.