Bank of Commerce (BankCom) said its profit in the first half of 2022 nearly tripled on higher interest earnings and revenues from fees and commissions.
Net income from January to June reached P886.9 million versus P304.4 million in the same period last year.
“The surge was mainly spearheaded by growth in the bank’s core business,” BankCom, an affiliate of conglomerate San Miguel Corp., said in a stock exchange filing on Monday.
The lender said net income in the first semester rose 18.21 percent to P3.1 billion as its loan portfolio expanded by 35.6 percent. Interest expenses during the period rose 9 percent to P385.7 million.
BankCom saw a large jump in service charges, fees and commissions and foreign exchange gains—which grew nearly 56 percent to P583.57 million. Expenses for bad debts fell nearly 20 percent while the ratio of non-performing loans to its loan portfolio dropped to 2.63 percent from 3.09 percent in December last year. BankCom said this was below the 3.9 percent industry average of as May this year.
The lender ended the first semester with total assets of P207.25 billion, up 3.78 percent, on the growth of its corporate loans business.
In the previous month, BankCom raised P7.5 billion from its maiden debt sale.
The bonds, which mature in 2024, will pay a coupon rate of 5.0263 percent per annum. The bonds were listed on the Philippine Dealing & Exchange Corp. last July 29.