BankCom H1 net income rises 13% to P2.11B

MANILA, Philippines — San Miguel Corp.-led Bank of Commerce (BankCom) posted double-digit profit growth in the first half as core operations lifted revenues despite market and geopolitical headwinds.

The bank reported unaudited net income of P2.11 billion, up 13 percent from a year earlier.

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“Despite the prevailing market and geopolitical uncertainties, BankCom’s strong first half results demonstrate its resilience and the confidence of its growing customer base,” it said.

Net interest income rose 19 percent to P6.11 billion, while lower funding costs pushed net interest margin to a record 4.68 percent. Gross revenues increased 14 percent to P6.90 billion.

Other income reached P785.38 million, helping offset trading losses from market volatility. Operating expenses rose 13 percent to P4.05 billion as the bank invested in expansion.

Second-quarter net income grew 14 percent year on year to P1.13 billion, with gross revenue up 18 percent to P3.61 billion.

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As of end-June, total assets stood at P287.51 billion, loans at P153.56 billion and deposits at P223.64 billion.

The gross non-performing loan ratio was 1.43 percent, while capital adequacy ratio stood at 17.07 percent. /pai