Bank of Commerce (BankCom) recorded its highest net income since the acquisition by San Miguel Corporation (SMC), reaching ₽1.8 billion last year.
This marks a 49 percent jump from the P1.2 billion recorded in 2021, with total revenues growing 30 percent to ₽8.12 billion.
The bank’s successful year was highlighted by its initial public offering that raised P3.37 billion in new capital as well as the maiden issuance of P7.5 billion worth of bonds, and the conferment of a universal banking license.
The growth in BankCom’s net interest income, service charges, fees, and commissions, foreign exchange and gains on foreclosure and sale of property and equipment and foreclosed assets contributed to the increase in total revenues.
Net interest income surged 24 percent to ₽6.68 billion while other income soared 74 percent to ₽1.43 billion.
This was primarily driven by a surge in service charges, fees, and commissions, foreign exchange gains, gains on foreclosure, and sale of property and equipment, and strong growth in trade and digital transactions.
The bank’s balance sheet also showed growth, with total assets reaching ₽217.52 billion, a nine percent increase from last year.
Total loans and receivables breached the ₽100 billion mark to reach ₽105.09 billion, 41 percent higher than the same period last year, driven mainly by accelerated growth in corporate loans.
With these positive results, BankCom expects to continue its growth trajectory.