STRONG core business helped Bank of Commerce (BankCom) earn more in the first three months of the year.
The lender said in a statement on Thursday that its net income in the first quarter of 2022 was P360.6 million, up 146% from P146.3 million in the same period a year earlier.
“This upward trajectory is the result of the continued strength of the company’s core businesses despite continued volatility in local and international markets,” he added.
BankCom reported a 14.5% increase in overall revenue to 1.7 billion pesos, with a 6.5% rise in net interest income. Non-interest income increased 93% to 272 million pesos, “resulting mainly from the recovery of foreign exchange gains and growth in service charge-related activities”.
Operating expense growth was held at 2% to 1.2 billion, the bank noted, demonstrating operational efficiency.
Total assets reached $206.4 billion, up 3.3% from the end of 2021, due to a 13.8% acceleration in loans and receivables.
“The increase in investment securities also contributed to the asset expansion,” BankCom said, noting that its capital base remained strong at 26.7 billion pesos, up 14.2% from $23.4 billion from the prior quarter, fueled primarily by funds from its IPO. (IPO) in March this year.
The lender said in April that its IPO on the Philippine Stock Exchange raised 3.36 billion pesos. The IPO consisted of 280.60 million common shares priced at P12.00 each, which were sold between March 16 and March 22 this year.
BankCom, a subsidiary of San Miguel Corp., was recently licensed as a universal bank by Bangko Sentral ng Pilipinas to provide a wide range of financial products and services, including deposits, cash management/solutions, payments, lending, asset management, bancassurance, investment banking, foreign exchange and securities trading, subject to certain regulatory requirements.
The bank has 140 branches and plans to increase the number of its ATMs from the current 253.