BankCom earnings up 191% in 1H

Bank of Commerce , the banking arm of the San Miguel Group, posted a higher January to June net profits of P886.91 billion, up by 191 percent from P304.37 million same period last year.

Net interest income of P3.08 billion was 18.21 percent higher year-on-year after a 35.59 percent increase in its loan portfolio. Interest expense rose by 8.97 percent despite higher interest rates, said the bank. As of end-June, with more corporate borrowers, BankCom’s total assets amounted to P207.25 billion, up by 3.78 percent. Corporate loans also increased by P26.47 billion to P100.85 billion.

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