Manila Bulletin
Loans, trading gains boost BankCom's Q1 earnings
Bank of Commerce (BankCom), the banking arm of San Miguel Corp., reported a 13% increase in its first-quarter net income, reaching P866.8 million.
The income growth was driven by gains from loans, trading activities, and foreign exchange.
BankCom's net interest income rose by 11% to P2.5 billion due to expansion in all lending segments.
Gross revenues climbed 13% to P3 billion, with other income surging 26% to P503.09 million from stronger securities trading and foreign exchange gains.
Despite loan book expansion, the nonperforming loan ratio increased to 0.5% from 0.37% in the previous year.
Operating expenses also grew by 11% to P1.8 billion as the bank aimed to expand its market share.
As of the end of March, BankCom's total assets amounted to P257.08 billion.
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