SMC-backed Bank of Commerce delivers P867M Q1 profit as core revenues climb

Bank of Commerce, an affiliate of San Miguel Corporation, opened 2025 with a solid P866.79 million net income in the first quarter, up 13 percent from the same period last year.

The profit increase came from higher lending income, trading gains, and foreign exchange earnings across its core business segments.

• Net interest income rose 11 percent to P2.49 billion, with a 4.24 percent margin.

• Total revenue grew 13 percent year-on-year to P2.99 billion.

• Other income jumped 26 percent to P503.09 million on trading, forex, and ROPA gains.

• Return on equity hit 10.27 percent; total assets stood at P257.08 billion.

Non-performing loans remained low at 1.35 percent gross and 0.50 percent net, with 92.34 percent loan coverage.

Operating expenses rose 11 percent to P1.79 billion. Despite that, the bank kept a 60 percent cost-to-income ratio.

Quarterly profit also rose 7 percent. BankCom listed a record P18 billion bond and opened branches in Pasig and Mandaue.