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BankCom ends 2021 with higher profit

HomeNewsBankCom ends 2021 with higher profit

April 6, 2022

Metro Manila (CNN Philippines, April 4) — Bank of Commerce (BankCom), the banking arm of conglomerate San Miguel Corp., closed out 2021 with a net income of ₱1.2 billion, higher than the ₱784 million booked a year earlier.

In a disclosure on Monday, the company said it enjoyed “strong performance” last year with net interest income increasing by 6% year-on-year.

Non-interest income, meanwhile, reached ₱826 million in the period, buoyed by a 19% growth in service charges and fees, and commissions and gains on sale of acquired assets.

“The results reflect the bank’s resiliency amidst the continuing challenges of the COVID-19 pandemic,” it said.

While the bank equipped its operations with additional technology, the firm said operating expenses only went up by 3% last year.

It ended 2021 with ₱199.7 billion in assets, 17% higher from ₱171 billion in 2020.

“This was driven mainly by increased purchase of investment securities and a 4% growth in loans. The asset growth was supported by a 15% increase in deposits to ₱172 billion,” it said.

BankCom has 140 branches and 261 automated teller machines across the Philippines.

The company debuted in the Philippine Stock Exchange on March 31.

Source: https://www.cnnphilippines.com/business/2022/4/4/BankCom-ends-2021-with-higher-profit.html

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