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Manila Bulletin devider Business devider BankCom more than doubles profit in Q3

BankCom more than doubles profit in Q3

Published Nov 11, 2022 03:04 pm

Bank of Commerce (BankCom), an affiliate of San Miguel Corporation, more than doubled its net income to P1.49 billion in the third quarter of 2022 from the P626 million it reported in the same period last year.

In a disclosure to the Philippine Stock Exchange, the bank said its strong performance was driven mainly by higher revenues from an expanded portfolio of products and services, including investment banking, following its recent upgrade to universal banking status.

Bank of Commerce (BankCom)

Quarter-on-quarter, profit was up 46 percent to P601.58 million from the P526.32 million posted in the second quarter of 2022.

Total revenues grew by 25 percent to P5.82 billion from the previous year's P4.65 billion, mainly driven by sustained uptrends in net interest income, foreign exchange gains, and service charges, fees and commissions.

Net interest income rose to P829 million, backed by continued expansion in its loan portfolio. The bank raised two-year bonds last July 2022, which partially augmented its interest expenses.

Total other income surged 52 percent to P1.01 billion from the P662.04 million in the comparable period last year.

The growth is mainly due to a 4.58 times increase in foreign exchange gains amounting to P114.31 million versus the P20.50 million in the same period last year.

Service charges, fees and commissions also grew by 43 percent to P550.59 million resulting from the higher LC fees, ATM fees as well as trust fees due to higher Assets Under Management (14 percent up).

Adding to the growth is the selling/agency fee from the Bank's first investment banking deal worth P40 billion of bond issuance of San Miguel Global Power Holdings Corporation.

Meanwhile, gains on foreclosure, and sale of property and equipment and foreclosed assets, increased by 25 percent to P287.93 million, due to higher sales of foreclosed assets.

Miscellaneous income also posted a growth of 1.57 times to P90.75 million compared to P35.38 million in the same period last year, mainly from income on recovery on charged-off asset.

On account of the reversal of provisions, the Bank’s provision for credit and impairment losses is at -P76.91 million reflecting the continuing improvement in the credit quality of the Bank's portfolio.

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