May 16, 2022Bank of Commerce’s (BankCom) first quarter 2022 net income hit ₽360.6 million, more than double the ₽146.3 million earned in the same period last year. This upward trajectory resulted from the continued strong core business activities despite the continuing local and international market volatilities. Total Revenues which stood at ₽1.7 billion is up 14.5% as Net Interest Income posted a 6.5% increase. Non-interest income rose by 93% to ₽272 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% at ₽1.2 billion. Total assets were recorded at ₽206.4 billion, a 3.3% expansion from end 2021 level mainly due to the 13.8% growth in loans and receivables. Contributing as well to assets expansion were increases in investment securities. The bank’s capital base stood strong at ₽26.7 billion, up 14.2% from the ₽23.4 billion in previous quarter, spurred mainly by proceeds from its successful Initial Public Offering (IPO) in March 2022.