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June 19, 2024

BankCom records 79% increase in first-half net income

Bank of Commerce (BankCom) has reported a significant 79 percent surge in its net profit for the first half, attributed to the sustained growth of its core operations.

The bank’s net income reached P1.59 billion in the initial semester, marking a notable increase from the P886.01 million recorded in the same period last year, according to a statement.

Despite the absence of its financial statement at press time, BankCom’s positive financial performance is underscored by a return on equity of 11 percent and a return on assets of 1.49 percent.

The growth was driven by a 28 percent rise in net interest income, resulting in a net interest margin of 4.35 percent, and a 54 percent increase in non-interest income, bolstered by higher fee-based revenues and foreign exchange gains.