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Bank of Commerce 2019 Annual Stockholders Meeting

HomeNewsBank of Commerce 2019 Annual Stockholders Meeting

May 15, 2019

 

Bank of Commerce 2019 Annual Stockholders Meeting

Bank of Commerce holds 2019 Stockholders Meeting

Highlights include growth in Total Assets and AUM; Promising Q1 2019 results

Bank of Commerce, a subsidiary of San Miguel Corporation (SMC), has recently held its Annual Stockholders Meeting last April 30, 2019 at the Kamia Function Room, Edsa Shangri-La Hotel. The meeting was attended by current Board of Directors and Advisers, Senior Executive Team, stockholders, senior officers and representatives of R.G. Manabat & Co., the Bank’s official auditing firm.

The stockholders’ meeting served as the avenue for the Bank to present the country’s macroeconomic standing, banking industry updates, and the Bank’s financial highlights and plans for the year 2019.

The 2019 Annual Stockholders Meeting marks the first year that Michelangelo R. Aguilar as the new President and CEO led in unveiling the Bank’s achievements for 2018. Among the 2018 audited highlights disclosed during the meeting were the following:

  • 7% increase in Total Assets
  • 9% in Total Liabilities
  • 27% Growth in Assets Under Management from P 24.7B to P 31.3B
  • 46% Growth in Credit Card Receivables

The Bank faced significant headwinds such as the TRAIN law and trading losses resulting to a decrease in Profit After Taxes by 32.1% from P625.91 million in 2017 to P424.72 in 2018.

Moving forward, the Bank started the new year with promising results ending Q1 with a 355.5% increase in profit  from P31 million in 2018 to P135 million (unaudited PFRS) in 2019.

“The Bank is on track for growth while overcoming the impacts of new tax laws and provisioning requirements. Our balance sheet continues to grow safely. In fact, the Bank’s Q1 2019 ended with 14.3% increase in Total Assets and 15.8% increase in Total Liabilities vs the same quarter in 2018,” President and CEO Aguilar said.

He also announced plans to strengthen the cross-selling of products and services through the Branch Banking Group being the company’s nucleus of transactions and operations. To help achieve growth in 2019, the Bank will maximize its relationship within existing client eco-system and supply-chain businesses, expand product offerings to valued corporate clients, and embolden Treasury, the Credit Card Group, Trust Services Group and Transaction Banking Group to push income-generating initiatives across various channels of revenue.

The Bank will pursue plans to acquire a universal banking license in the near future which will open new revenue opportunities from investment banking for debt/ equity transactions, bancassurance and new Treasury products from clients. In 2019, the Bank embarked on a P930M IT investment program which will transform and modernize the Bank’s product offerings and services to cater to the changing needs of clients.

The 2018 Annual Stockholders Meeting concluded with the commitment from the Board to make the Bank a more profitable business and to continue its role in nation-building and providing superior service to its clientele.

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