Manila Bulletin
BankCom earnings up 191% in 1H
Bank of Commerce (BankCom) reported a net profit of P886.91 million for the first half of 2022, a 191% increase from P304.37 million in the same period last year.
The bank's net income more than doubled in the second quarter, reaching P526.31 million, a 232.9% surge from P158.03 million in the previous year.
This growth was primarily attributed to higher interest income, increased fees and commissions, and lower credit provisioning expenses.
BankCom's net interest income in the second quarter stood at P1.62 billion, up from P1.23 billion last year, driven by an 18.21% increase in its loan portfolio.
Its other income also rose to P583.57 million in the second quarter compared to P233.37 million in the same period last year.
The bank experienced a decrease in expenses for bad debts and its non-performing loan ratio dropped to 2.63% from 3.09% in December of the previous year.
BankCom's total assets reached P207.25 billion, reflecting the expansion of its corporate loans business which increased by P26.47 billion to P100.85 billion.
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