SMC's Bank of Commerce posts record net income of P1.8-B


Posted at Mar 15 2023 05:13 PM

MANILA - Bank of Commerce on Wednesday said it posted a record net income of P1.8 billion in 2022, up 49 percent from 2021, and the highest since its acquisition by San Miguel Corp. 

In a disclosure to the stock exchange, the bank said its "stellar performance" is a culmination of its IPO that raised P3.37 billion, its listing in the Philippine Stock Exchange, and its maiden issuance of P7.5 billion bonds as well as the conferment of a universal banking license.

Its gross revenue reached P8.12 billion, higher by 30 percent from P6.22 billion in 2021, the bank said. Net interest income grew 24 percent to P6.68 billion while fee income rose 74 percent to P1.43 billion, it said.

BankCom listed on the Philippine Stock Exchange in 2022.


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