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Manila Bulletin devider Business devider Bank of Commerce more than doubles profits

Bank of Commerce more than doubles profits

Published May 17, 2022 02:41 am

Bank of Commerce more than doubled its net income to P360.6 million in the first quarter of 2022 from the P146.3 million it earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the bank said “This upward trajectory resulted from the continued strong core business activities despite the continuing local and international market volatilities.”

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Total revenues rose 14.5 percent to P1.7 billion as net interest income posted a 6.5 percent increase. Non-interest income jumped by 93 percent to P272 million resulting mainly from the turnaround in foreign exchange gains and growth in service fees business.

BankCom continues to demonstrate operational efficiency as Operating Expenses growth was kept in check at 2 percent at P1.2 billion.

Total assets were recorded at P206.4 billion, a 3.3 percent expansion from end 2021 level mainly due to the 13.8 percent growth in loans and receivables. Contributing as well to assets expansion were increases in investment securities.

The bank’s capital base stood strong at P26.7 billion, up 14.2 percent from the P23.4 billion in previous quarter, spurred mainly by proceeds from its Initial Public Offering (IPO) in March 2022.

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