Bank of Commerce reported an over two-fold increase in earnings in January-June to ₽886.91 million, driven by the sustained growth of core businesses particularly in the second quarter.
Gross income grew 22.95 percent to ₽3.67 billion while net interest income rose 18.2 percent to ₽3.08 billion as the bank benefited from loan growth which rose 35.59 percent.
The banking arm of San Miguel Corp. also managed to contain interest expenses despite higher interest rates.
BankCom’s total other income continued its upward trajectory, rising by 55.95 percent to ₽583.57 million, primarily driven by higher service charges, fees and commissions, and foreign exchange gains.
Its asset base increased by 3.78 percent to ₽207.25 billion as of the end of June on strong demand from corporate borrowers.
Corporate loans increased by P26.47 billion to ₽100.85 billion.
Non-performing loans continue to stay manageable even with the significant increase in the loan portfolio.