August 9, 2022Bank of Commerce (BankCom) more than doubled first half net profits to ₽886.91 million from P304.37 million, driven by the strong performance of its core businesses particularly in the second quarter of 2022. Gross income reached ₽3.67 billion, a 22.95% increase from the ₽2.98 billion reported in the same period last year. Net interest income was up 18.21% to ₽3.08 billion, amid the robust growth of its loan portfolio, which rose 35.59%. Interest expense, meanwhile, was managed with an 8.97% increase despite higher interest rates. The bank’s total other income continued its upward course, improving by 55.95% to ₽583.57 million, primarily driven by higher service charges, fees and commissions, and foreign exchange gains. BankCom ended the first semester with total assets amounting to ₽207.25 billion, an expansion of 3.78% mainly due to strong demand from corporate borrowers. Corporate loans went up by P26.47 billion to ₽100.85 billion. Non-Performing Loans continue to stay manageable even with the significant increase in the loan portfolio, with its NPL ratio to total loans falling to 2.63% versus 3.09% in December 2021 and the 3.9% percent NPL ratio industry average in May. Total capital funds stood at ₽26.98 billion, supported the bank’s capital adequacy with a CET1 ratio of 13.38% and CAR of 17.85%.