Net income for the period hit P1.48 billion, an increase of 11 percent from the same period in 2023, with a return on equity of 9.12 percent and a return on assets of 1.23 percent.
Healthy core business
The bank’s net interest income added 15 percent to P4.53 billion, while non-interest income soared 23 percent to nearly P700 million.
The bank finished the period with a net non-performing loans ratio of 0.53 percent.
Cash dividends payout
In the first half of 2024, BankCom also declared its first dividends in over 20 years, fulfilling a commitment made during its initial public offering.
It allocated P0.726 per preferred share and P0.2512 per common share, totaling 23.37 percent of the previous year’s profits.
Management’s view
“[R]evenues were mainly driven by expansion across all lending segments resulting from a higher loan and securities portfolio. Meanwhile, corporate loans grew on account of program lending and loans to the SMC ecosystem,” BankCom said.
“In addition, BankCom has continued to invest in its people and in technology, as it aims to sustain its growth momentum over recent years," it added.
