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BankCom earnings jump 79% in first half

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San Miguel Corporation’s (SMC) affiliate Bank of Commerce (BankCom) booked a 79 percent jump in net profit to P1.59 billion in the first semester of 2023 from the P886.91 million in the same period last year.

San Miguel Corporation’s affiliate Bank of Commerce booked a 79 percent jump in net profit to P1.59 billion in the first semester of 2023 from the P886.91 million in the same period last year.

Net interest income for the first half of 2023 posted P3.95 billion, up 28 percent from the P3.08 billion in the comparable period last year. Service charges, fees and commissions posted a 24 percent rise to P448.02 million streaming mainly from Trust, Credit Card, Trade Finance and Investment Banking fees.

The bank recorded a reversal of provisions amounting to P11.83 million reflecting improving credit quality and some recoveries.

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