Bank of Commerce, the financial arm of conglomerate San Miguel Corp., said Wednesday net profit in 2022 climbed 49 percent to a record P1.8 billion from P1.2 billion in 2021.
The bank said in a statement revenues went up 30 percent to P8.12 billion from P6.22 billion on higher net interest income, service charges, fees and commissions, foreign exchange and gains on foreclosure and sale of property and equipment and foreclosed assets.
Net interest income climbed 24 percent to P6.68 billion from P5.40 billion, boosted by the increase in interest on loans and receivables and investment securities.
Other income also supported the bank’s profit as it reached P1.43 billion, or 74 percent more than the previous year’s P826.34 million. “This is primarily due to the 61-percent surge in service charges, fees and commissions to P857.63 million,” it said.