BankCom net income surges 87% in Q3

Bank of Commerce (BankCom), an affiliate of San Miguel Corporation (SMC), reported an 87 percent year-on-year increase in its unaudited net income to P793.38 million in the third quarter of 2024.

This brought its net profit for the first nine months to P2.21 billion, up 10% from P2.01 billion in the same period a year ago.

The income growth was primarily attributed to increased revenues from its core business, specifically net interest income and fee income.

Expansion in corporate loans and program lending, particularly to clients within the SMC ecosystem, significantly contributed to the bank's core business growth.

BankCom's net interest income grew by 5% year on year to P2.23 billion in the third quarter.

For the first nine months, net interest income increased by 11% to P6.76 billion, driven by growth in earning assets such as corporate and consumer loans.

The bank's net interest margin improved to 4.48 percent from 4.28 percent at end-December 2023, due to revenues from earning assets growing faster than interest-bearing liabilities.