Bank of Commerce, the banking affiliate of San Miguel Corp., posted an 8 percent growth in first-quarter net income to P769.2 million, helped by increases in interest and fee-based income and prudent spending.
BankCom saw revenue in the January-March quarter rising 17 percent to P2.65 billion as net interest income rose to P2.25 billion from P1.93 billion in the prior year. The bank attributed the uptrend to the steady expansion in lending and financial assets.
This translated to a net interest margin of 4.46 percent, up from 4.26 percent.
Non-interest income climbed 17 percent to P398.3 million.
BankCom posted return on equity of 9.87 percent.
The combination of enhanced revenue streams and prudent spending resulted in a cost-to-income ratio of 61 percent.
BankCom said the first-quarter results highlighted the effectiveness of its strategy to focus on right-sized investments in human capital and information technology to grow its core business.
