Bank of Commerce, the banking arm of bilyonaryo Ramon Ang-led San Miguel Corp., reported a 35.1 percent jump in its nine-month profit to P2.01 billion, driven by broad-based growth across its core revenue streams.
Net Interest Income increased by 26.18% to ₱6.08 billion despite the elevated interest rates.
Total other income rose by 21.1 percent to ₱1.22 billion owing to a steady flow of the bank’s fee-based income.
Interest income on loans and receivables, representing 82.71% of the total revenue, surged 57.05% to ₱6.04 billion, resulting from higher corporate loans and higher repricing given the rising interest rate environment.
Total interest expense, meanwhile, more than tripled to ₱2.41 billion on account of rising interest rates and the issuance of bonds in the second half of 2022.
BankCom had total assets of ₱224.31 billion as of end-September, largely driven by the growth in loans and investment securities.