Bank of Commerce, the lending affiliate of conglomerate San Miguel Corp., saw net income during the first semester of 2023 surge nearly 80 percent as its major business segments registered strong growth. | miguelrcamusINQ /PDI
Total loans during the period grew by 3.2 percent to P108.5 billion.
BankCom said its loan to deposit ratio ended the period at 72 percent, while asset quality remained strong as its net non-performing loans ratio improved to 0.56 percent from 0.6 percent at the end of 2022. Other income grew 1.5 times to P900 million while service chargers, fees and commissions reached P448 million, up 24 percent.
“The bank’s remittance business, also a fee income generator, recorded a promising growth of more than 30 percent [the first quarter of 2023] given the notable performances of overseas partners coupled with the impact of the successful execution of marketing campaigns,” the filing showed. Meanwhile, credit provisions amounted to P11.83 million while total operating expenses rose 7.5 percent to P2.74 billion.Subscribe to our daily newsletter
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