Bank of Commerce, the financial arm of diversified conglomerate San Miguel Corp., said Monday net income hit a seven-year high of P1.2 billion in 2021, up from P784 million in 2020, showing its resilience despite the prolonged COVID-19 pandemic.
The newly-listed bank said in a disclosure to the stock exchange core income continued to grow, net interest income rising 6 percent year-on-year.
“The increase was mainly driven by prudent management of interest expenses at P697 million, 41 percent lower compared to end-2020,” it said.
Non-interest income stood at P826 million, supported by a 19-percent growth in service charges and fees and commissions and gains on sale of acquired assets.
The bank closed 2021 with P199.7 billion in assets, up 17 percent from the P171 billion at end-2020. Julito G. Rada