Lending boosts BankCom bottom line by 56%

Lending boosts BankCom bottom line by 56%

Lending boosts BankCom bottom line by 56%

Core lending lifted the net income of Bank of Commerce (BankCom), the banking arm of conglomerate San Miguel Corp. (SMC), by 56 percent to a record high of P2.8 billion last year.

In a disclosure on Tuesday, the listed bank reported that its net interest income climbed 24 percent to P8.3 billion last year.

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This propelled gross revenues by 23 percent to P9.98 billion for the period.

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READ: Bank of Commerce posts 34% growth in nine-month earnings

Other income rose by 17 percent to P1.68 billion last year. This includes service charges, fees and commissions from investment banking, credit card and trust businesses.

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Net non-performing loans (NPL) ratio dropped to 0.44 percent last year from 0.6 percent in 2022 as its asset quality improved. The NPL ratio is a measure of a bank’s credit risk and a lower figure means less financial risk for the financial institution.

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Total loans and receivables increased by 4 percent to P109.57 billion last year, driven mostly by corporate clients.

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Meanwhile, deposits grew by 5 percent to P185.91 billion for the period as current and savings accounts rose by 7 percent to P164.24 billion.

The bank’s tier 1 and capital adequacy ratio stood at 19.09 percent and 19.88 percent, respectively, which are both beyond the regulatory requirements.

Total assets were up 7 percent to P231.67 billion as of end-December 2023.

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TAGS: Bank of Commerce (BankCom), lending

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