The Board of Directors of Bank of Commerce (BankCom), an affiliate of San Miguel Corporation (SMC), has approved a significant 79% increase in cash dividends for common shareholders, reflecting the bank’s exceptional financial performance and a record P3-billion net profit in 2024. This marks the bank’s second dividend declaration since its successful public listing in 2022.
The total dividend payout will exceed P851 million, inclusive of P220 million allocated for preferred shares. Common shareholders are set to receive a total of P0.45 per share, comprising a regular dividend of P0.25 and a special dividend of P0.20. These dividends will be paid on July 15, 2025, to shareholders on record as of June 19, 2025.
BankCom stated that the payout represents 28% of its robust 2024 net income and will be funded from retained earnings, which remain substantially higher than levels at the time of its initial public offering (IPO).
This increased dividend declaration is a direct result of strong performance across key business segments, including corporate lending, investment banking, and transaction fees. BankCom’s net income for 2024 soared to P3 billion, the highest since the bank became part of the San Miguel conglomerate in 2008.
Further highlighting its financial strength, the bank’s Return on Equity (ROE) climbed to an impressive 9.44% in 2024, more than double the 4.22% projected in its IPO prospectus. Building on this momentum, BankCom’s ROE reached 10.27% in the first quarter of 2025, surpassing its ambitious target of 10% by 2026, a year ahead of schedule.
“A few years ago, we set forth on an ambitious five-year plan that would take us from an ROE of 6% in 2021 to an ROE of 10% in 2026,” stated BankCom President and CEO Michelangelo R. Aguilar at the company’s recent annual stockholders’ meeting. “We have now surpassed that target one year ahead of schedule.”
The positive trend continued into the first quarter of 2025, with net income reaching P866.8 million, a 13% increase from the same period last year, driven by strong growth in interest income, trading, and foreign exchange gains.
