BankCom net income improves in 2021

NEWLY-LISTED Bank of Commerce (BankCom) recorded a higher net profit in 2021 as its interest earnings improved.

The lender, an affiliate of San Miguel Corp., booked a seven-year high net income of P1.2 billion last year, it said in a filing with the local bourse. This is 53% higher than the P784 million it posted in 2020.

BankCom’s core income rose, driven by its net interest income that rose 6% year on year.

Meanwhile, the lender’s non-interest income amounted to P826 million, backed by a 19% growth in earnings from service charges and fees, as well as commissions and gains on the sale of acquired assets.

The bank’s assets jumped 17% to P199.7 billion at end-2021 from a year earlier, driven by increased investment securities and a 4% growth in loans.

BankCom last month raised P3.36 billion from its initial public offering.

The bank’s shares, which started trading on Thursday, closed unchanged at P12.22 apiece on Monday. — LWTN