1H net income of Bank of Commerce declines 11% to P1.42B, but total revenues rise 8% to P5.23B.

Bank of Commerce, an affiliate of San Miguel Corp, reported a 11% decline in its first-half net income to P1.42 billion due to increased spending on human resources and technology. Despite this, the bank's total revenues grew by 8% to P5.23 billion. Bankcom's net interest income increased by 15%, while non-interest income fell 23% due to timing of investment banking and asset sales. The bank's total loans and receivables increased by 13% to P123.71 billion, driven by growth in corporate and consumer loans. Bankcom declared its first dividends in over 20 years, setting aside P0.726 per preferred share and P0.2512 per common share.

August 15, 2024
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