BankCom Posts ₱1.2 billion Net Income In 2021, A Seven-Year High
Bank of Commerce (BankCom), an affiliate of San Miguel Corporation (SMC) and a newly listed company in the Philippine Stock Exchange, continued its strong performance in 2021 by recording a seven-year high net income of ₱1.2 billion vs ₱784 million in 2020.
Photo Insert: BankCom core income continued to grow as net interest income increased 6% year on year.
The results reflect the bank’s resiliency amidst the continuing challenges of the COVID-19 pandemic.
BankCom core income continued to grow as net interest income increased 6% year on year. The increase was mainly driven by prudent management of interest expenses at ₱697 million, 41% lower vs. end-2020.
Non-interest income which stood at ₱826 million was mainly supported by a 19% growth in service charges and fees and commissions and gains on the sale of acquired assets.
Amidst this increase in revenues, BankCom was able to limit Operating Expenses growth to 3% in 2021, despite additional technology investments.
BankCom closed 2021 with ₱199.7 billion in assets, up 17% from the ₱171 billion at end-2020. This was driven mainly by the increased purchase of investment securities and a 4% growth in loans. The asset growth was supported by a 15% increase in deposits to ₱172 billion.
The bank’s total capital at year-end 2021 (pre-listing) stood at ₱23 billion, 39% higher year-on-year, boosted by the ₱5.5 billion capital infusion from San Miguel Corporation’s (SMC) 100% wholly-owned subsidiary, SMC Equivest Corporation.