Conglomerate San Miguel Corp.’s affiliate Bank of Commerce (BankCom) reported a net profit of P769.18 million for the first quarter of 2024, marking an 8 percent increase from the previous year, with a return on equity of 9.87 percent.
This growth was driven by a 17 percent increase in gross revenue to P2.65 billion, as net interest income rose 16.5 percent to P2.25 billion, resulting in a net interest margin of 4.46 percent.
Total loans and receivables grew by 7 percent to P117.69 billion, achieving a loan-to-deposit ratio of 69 percent, while gross non-performing loans (NPL) and net NPL ratios improved to 1.47 percent and 0.37 percent, respectively.
The bank maintained a cost-to-income ratio of 61 percent, reflecting efficient expense management and strategic investments in human capital and information technology.
