San Miguel Corp.’s Bank of Commerce saw its profit jump 79 percent in the first six months of the year to P1.59 billion on sustained growth in its core business.
Total revenues climbed 32 percent to ₽4.85 billion driven by the steady growth in net interest income, service charges, fees, and commissions, foreign exchange and ROPA related gains.
Net Interest Income grew 28 percent to ₽3.95 billion, buoyed by the solid expansion in the bank’s financial assets, mainly from corporate loans, and effective managing of funding cost.
Other income soared to P901.2 million from P583.57 million last year, propelled mainly by the robust fee-based revenue generating activities of the bank.
Service charges, fees and commissions increased by 24 percent to ₽448.02 million, coming mainly from trust, credit card, trade finance and investment banking fees.
The bank’s remittance business recorded a promising growth of more than 30 percent since the first quarter of 2023 given the notable performances of overseas partners coupled with the impact of the successful execution of marketing campaigns.
Foreign exchange (FX) gains rose by 18% to ₽80.81 million on account of increased volume of transactions recorded a reversal of provisions amounting to ₽11.83 million reflecting improving credit quality and some recoveries.