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April 12, 2024

Bank of Commerce logs record profit in 2023 on lending surge

Bank of Commerce (BankCom), a subsidiary of the Ramon Ang-led San Miguel Corp. (SMC), sets its sights on continued expansion following a landmark year of profitability in 2023.

BankCom reported a record-breaking net income of P2.8 billion, marking a 56% surge from the previous fiscal period. This robust growth was primarily propelled by robust performance in its core lending activities.

The bank witnessed a notable uptick in total loans, which surged to P109.57 billion compared to P105.09 billion in 2022, showcasing growth across all lending categories. This expansion translated into a significant 24% increase in net interest income, totaling P8.30 billion.

Moreover, BankCom experienced a 17% rise in other income sources, amounting to P1.68 billion, driven by heightened service charges, fees, and commissions.

The bank’s revenue surged by 23% year-on-year to P9.98 billion.

Despite the economic landscape, deposits remained robust, culminating in P185.91 billion by the close of the fiscal year. Particularly noteworthy was the 7% increase in CASA (current account savings account) deposits, which soared to P164.24 billion, underscoring strong customer confidence in the institution’s stability and reliability.

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