Bank of Commerce (also called BankCom), which is owned by San Miguel Corporation, announced that it made more money in the first six months of 2026 compared to the same period last year, according to a press release dated August 10, 2026.
What Did BankCom Earn?
The bank reported an unaudited net income (this is the profit after paying all expenses and taxes) of ₱2.11 billion for the first half of 2026. This is 13% more than the ₱1.86 billion they earned during the same time in 2025.
To help you understand how well the bank is doing, think of it this way: If you put money into the bank as an owner (shareholder), the bank is now better at turning that money into more money than before.
Record-Breaking Performance Numbers
BankCom achieved its best performance ratios since it became a publicly-traded company (when it started selling shares in the stock market, called an IPO). Here’s what that means in simple terms:
- Return on Equity (ROE) reached 11.56% – This is the highest since their IPO and much better than the 6.55% they had in 2010. This tells us how good the bank is at making profit from the money shareholders invested.
- Return on Assets (ROA) hit 1.47% – This is also a record high since San Miguel Corporation bought the bank. This shows how well the bank uses everything it owns (like buildings, computers, and loans) to make money.
Breaking Down the Numbers: First Half 2026 vs. First Half 2025
Here are the key highlights from the bank’s report:
- Net interest income (money earned from loans minus interest paid to depositors) jumped 19% to ₱6.11 billion from ₱5.15 billion
- Total revenue increased 14% to ₱6.90 billion from ₱6.06 billion
- Net interest margin improved to 4.68% – the highest level since SMC acquired the bank
- Cost to income ratio stood at 59%, meaning for every ₱100 the bank earns, it spends ₱59 to run the business
- Capital adequacy ratio (CAR) remained strong at 17.07%, well above the required 10% minimum set by regulators
Second Quarter Performance
Looking specifically at the second quarter of 2026 (April to June), BankCom’s net income grew:
- 14% higher year-on-year to ₱1.13 billion (compared to ₱993.91 million in the same period of 2025)
- 16% higher quarter-on-quarter (compared to ₱976.19 million in the first quarter of 2026)
How Did BankCom Make This Money?
The bank made more money mainly through:
- Lending activities – The bank earned more from the loans it gave to people and businesses
- Investment securities – Money earned from investing in bonds and other financial products
- Selling foreclosed properties (ROPA) – The bank earned ₱340.69 million from selling properties, 18% higher than last year
- Foreign exchange transactions – Earning ₱109.58 million from helping clients exchange currencies, 6% higher from first half 2025
The bank noted that despite geopolitical tensions in the Middle East causing market volatility and some trading losses, these other income sources helped balance things out.
Where the Bank Spent Money
Operating expenses (excluding provisions for bad loans) increased 13% to ₱4.05 billion from ₱3.60 billion. The bank spent more on:
- Employee salaries – Up 13% to ₱1.66 billion due to hiring more people and keeping good employees
- Technology and equipment – Depreciation and amortization rose 11% to ₱357.96 million
- Software costs – Up 31% to ₱85.82 million as the bank invested in technology
- Taxes and licenses – Increased 16% to ₱686.88 million due to business expansion
On the positive side, provisions for credit and impairment losses (money set aside for loans that might not be repaid) declined by 13% to ₱7.98 million, showing the bank is managing risk well.
About the Bank’s Financial Position
As of June 30, 2026:
- Total assets stood at ₱287.51 billion (everything the bank owns)
- Total loans reached ₱153.56 billion, representing 53% of total assets
- Total deposits amounted to ₱223.64 billion (money people and businesses keep in the bank)
- Loan-to-deposit ratio at 70%, meaning the bank lends out ₱70 for every ₱100 deposited
- CASA deposits (current and savings accounts) made up 91% of deposits at ₱202.59 billion – this is good because these are cheaper for the bank than time deposits
Asset Quality and Safety
The bank maintained healthy loan quality:
- Gross non-performing loans (NPL) at 1.43% – these are loans where borrowers aren’t paying on time
- Net NPL at 0.63%
- NPL coverage ratio at 83.27% (up from 82.98% at end of 2025), meaning the bank has set aside enough money to cover most bad loans
Recent Activities and Achievements
The bank has been busy with several initiatives in the first half of 2026:
- Held a grand raffle draw for savers (April 14)
- Received awards as “Top 5 Fixed-Income Cash Settlement Bank” and “Top 5 Corporate Issue Managers” (April 17)
- Launched a new savings promo called “Accelerate Your Savings 3” (April 20)
- Ranked No. 1 as CMAP’s Most Outstanding Member for 2026, earning back-to-back recognition (April 24)
- Launched the first self-service currency exchange machine at NAIA Terminal 3 (May 17)
- Held Annual Stockholders’ Meeting (June 30)
- Added to the PSE Financial Index (August 3)
About Bank of Commerce
Bank of Commerce has been affiliated with San Miguel Corporation since 2008 and is a publicly-listed universal bank on the Philippine Stock Exchange (trading under the ticker symbol BNCOM). The bank originally started as the Overseas Bank of Manila in Binondo, Manila in 1963.
As of June 30, 2026, BankCom operates a network of 142 branches nationwide (including 1 main branch, 139 regular branches, and 2 branch lite units) and 284 automated teller machines (ATMs) and cash kiosks.
Source Note:This article is based on the company’s official press release and disclosures filed with the Philippine Stock Exchange’s Electronic Disclosure Generation Technology (PSE EDGE) system. For the complete and official version of the announcement, readers may visit the PSE EDGE website and search for the company’s filing directly.
