Bank of Commerce (BankCom), the banking affiliate of San Miguel Corp., reported a net income of P1.86 billion in the first six months of 2025, up by 31 percent year-on-year due to strong revenues, as well as trading and foreign exchange gains.
These profits translated to a return on equity of 11 percent and return on assets of 1.39 percent with total assets of P271.53 billion.
“The robust performance was underpinned by sustained growth across core revenue streams, driven by net interest income, gains from trading securities, and foreign exchange transactions,” the bank said in a disclosure to the Philippine Stock Exchange.
Meanwhile, its cost-to-income ratio dropped to 59 percent in the first half of the year because of improved revenue streams and prudent spending, it added.
BankCom reported higher net interest income and trading and foreign exchange gains during the period.
As of end-June, its net interest income increased by 14 percent to P5.15 billion from P4.53 billion a year earlier with the expansion in loans, financial assets at fair value, and other investment securities. This led to an improvement in net interest margin at 4.27 percent.
Non-interest income also grew by 31 percent to P912.52 million due to trading and foreign exchange gains, as well as higher revenues from real and other properties acquired or ROPA.
Operating expenses, excluding provision for credit and impairment losses, increased by 11 percent to P3.60 billion from P3.25 billion in end-June 2024.
“BankCom’s strong financial results underscore its strategic focus on growth, operational efficiency, and prudent risk management,” the bank said.
As of end-June, BankCom posted total loans and receivables of P143.58 billion, up by five percent from the same period last year. Its gross non-performing loans (NPL) stood at 1.34 percent and net NPL at 0.53 percent.
The bank’s total deposits, however, dropped to P203.82 billion in the first six months, down by four percent from P212.01 billion in the same period in 2024. This was due to the seasonality in the use of larger business accounts, the bank said.
BankCom’s capital funds, meanwhile, continued to grow at P34.46 billion, up by four percent from P33.23 billion a year ago. This brought its capital adequacy ratio at 17.30 percent, exceeding the central bank’s minimum requirement of 10 percent.
