Bank of Commerce (BankCom), the lending arm of diversified conglomerate San Miguel Corp., delivered a solid P2.75-billion unaudited net income in the first nine months of 2025, a 24 percent jump from a year ago, powered by robust loan growth, higher net interest margins, and hefty foreign exchange gains.
The strong third-quarter performance boosted BankCom’s return on equity to 10.63 percent and return on assets to 1.35 percent, underscoring the lender’s steady momentum despite elevated costs.
Net interest income climbed 17 percent to P7.9 billion from P6.76 billion last year, reflecting continued expansion in loans, investment securities, and other earning assets. This lifted the bank’s net interest margin to 4.34 percent. Other income rose 9 percent to P1.4 billion, driven by stronger foreign exchange and ROPA-related revenues.
Operating expenses increased 11 percent to P5.48 billion as BankCom invested in technology and talent. Compensation costs jumped 18 percent to P2.28 billion due to higher headcount, while software amortization nearly doubled to P102.9 million following system upgrades. Despite the spending uptick, efficiency improved, with the cost-to-income ratio dropping to 59 percent.
By end-September, total assets stood at P276.25 billion, with loans and receivables up 10 percent to P150.18 billion, supported by broad-based growth across lending segments. Asset quality remained sound, with gross non-performing loans at 1.34 percent.
BankCom said its sustained profitability reflects the success of its San Miguel ecosystem strategy, which maximizes capital efficiency and broadens revenue streams while maintaining disciplined risk management.
