Bank of Commerce (BankCom) more than doubled first half net profits to P886.91 million from P304.37 million, driven by the strong performance of its core businesses particularly in the second quarter of 2022.
Gross income reached P3.67 billion, a 22.95 percent increase from the ₽2.98 billion reported in the same period last year.
Net interest income was up 18.21 percent to P3.08 billion, amid the robust growth of its loan portfolio, which rose 35.59 percent.
Interest expense, meanwhile, was managed with an 8.97 percent increase despite higher interest rates.
The bank’s total other income continued its upward course, improving by 55.95 percent to P583.57 million, primarily driven by higher service charges, fees and commissions, and foreign exchange gains.
BankCom ended the first semester with total assets amounting to P207.25 billion, an expansion of 3.78 percent mainly due to strong demand from corporate borrowers.
Corporate loans went up by P26.47 billion to ₽100.85 billion.
Non-Performing Loans continue to stay manageable even with the significant increase in the loan portfolio, with its NPL ratio to total loans falling to 2.63 percent versus 3.09 percent in December 2021 and the 3.9 percent percent NPL ratio industry average in May.
Total capital funds stood at P26.98 billion, supported the bank’s capital adequacy with a CET1 ratio of 13.38 percent and CAR of 17.85 percent.
