BankCom posts highest profit since 2008

BANK of Commerce (BankCom), an affiliate of San Miguel Corp., said Tuesday that it delivered a "record" net income of P2.8 billion last year, the highest since 2008 and up 56 percent from 2022's P1.8 billion.

The growth was said to be anchored on improvements in the core lending business, translating to a return on equity of 9.52 percent — higher than the 7.01 percent registered a year earlier.