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May 27, 2024

BankCom posts record high net income since SMC acquisition

Bank of Commerce (BankCom) reached new heights in 2022, posting its highest net earnings since its acquisition by San Miguel Corporation (SMC).

Last year, the bank recorded ₽1.8 billion in net income, a 49 percent jump from the ₽1.2 billion recorded in 2021. It also posted a 30 percent growth in total revenues, reaching ₽8.12 billion.

BankCom’s banner year was highlighted by a successful initial public offering, which 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 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 rose by 24 percent to ₽6.68 billion, while other income surged by 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.

BankCom’s balance sheet also showed growth, with total assets reaching ₽217.52 billion, a nine percent increase from last year. The bank’s total loans and receivables breached the ₽100 billion mark, reaching ₽105.09 billion, which is 41 percent higher than the same period last year, driven mainly by accelerated growth in corporate loans.

With these impressive results, BankCom is poised to continue its upward trajectory.