Philippine Bank of Communications reported a consolidated net income of P718.7 million in 2017. “Robust growth in the parent bank’s lending activities and supported by its deposit-taking activities, sustained the momentum from 2016,” the bank said in a statement.
PBCom said loan portfolio expanded to P53.4 billion, with corporate and middle market segments accounting for 76 percent of the loans and consumer finance growing 24 percent.
Interest income on loans, which registered a 10.8-percent growth to P3.2 billion, contributed largely to the improvement in operating income, it said. The bank did not provide year-on-year comparison.
It said the loan portfolio growth was funded largely by low-cost deposit which expanded 23.7 percent or P5.3 billion and made up 39.2 percent of total deposit.
“The efforts to strengthen low cost deposit generation helped contain the increase in interest expense to a marginal 2 percent,” it said.
PBCom said it achieved an enhanced return on asset of 0.77 percent in 2017, from 0.49 percent in 2016.
The final tranche of the committed capital infusion of PG Holdings Inc. amounting to P1.4 billion, together with the year’s net income boosted the bank’s capital to P12.9 billion.