Bank of Commerce, an affiliate of San Miguel Corporation, continued its strong post-IPO trajectory in 2025, posting record financial metrics since its 2022 listing.
The bank reported a net income of P3.54 billion, up 17 percent from P3.02 billion in 2024 and nearly double its IPO-year earnings of P1.80 billion, driven by robust net interest income and gains from trading and foreign exchange activities.
BankCom achieved a 16-year high return on equity (ROE) of 10.14 percent, surpassing 9.44 percent in 2024 and rising 313 basis points from the IPO year’s 7.01 percent. Return on assets (ROA) improved to 1.28 percent, up from 1.22 percent last year.
The bank’s net interest margin reached 4.35 percent, the highest since 2009, while the cost-to-income ratio declined to 59 percent from 62 percent in 2024, reflecting disciplined expense management.
Shareholder value continued to grow, with book value per share rising 12 percent to P22.22 from P19.84, representing a 31 percent increase from its IPO level of P16.96. Demonstrating confidence in its financial position, BankCom declared its first-ever special dividend of P0.20 per share in July 2025, in addition to the regular P0.25 dividend, totaling P0.45 per share—a 79 percent increase from 2024’s total payout.
In terms of expansion, BankCom added two new branch lite units (BLUs) in 2025—one at Caticlan Airport and another at NAIA Terminal 3—enhancing accessibility and brand presence in key locations. Net interest income for the year rose 18 percent to P10.78 billion from P9.11 billion in 2024, highlighting growth in the bank’s core lending operations.
The strong performance underscores BankCom’s resilience in navigating market shifts while continuing to expand its retail footprint. Analysts note that disciplined cost management, strategic branch expansion, and robust core revenue growth position the bank for sustainable long-term growth and increasing shareholder returns.
