San Miguel Corporation (SMC) affiliate Bank of Commerce (BankCom) continued its robust post-IPO growth, delivering record-breaking financial results for the year ended December 31, 2025. The Bank reported net income of ₱3.54 billion, a 17% increase from ₱3.02 billion in 2024 and nearly double its ₱1.80 billion earnings in its 2022 IPO year.
This milestone performance reflects BankCom’s sustained focus on strengthening its core revenue streams, particularly net interest income, alongside solid gains from trading and foreign exchange activities. The Bank’s results underscore its resilience and ability to navigate evolving market conditions while maintaining consistent growth.
BankCom achieved a 16-year high return on equity (ROE) of 10.14%, surpassing 9.44% in 2024 and significantly improving from 7.01% in 2022. Return on assets (ROA) also rose to 1.28%, while net interest margin (NIM) reached 4.35%—its highest level since 2009.
Operational efficiency continued to improve, with the cost-to-income ratio declining to 59%, compared to 62% in 2024 and 68% in 2022, reflecting disciplined cost management amid business expansion.
BankCom strengthened shareholder value, with book value per share increasing 12% year-on-year to ₱22.22, representing a 31% rise from its IPO level. Demonstrating its solid financial position, the Bank declared its first-ever special dividend in 2025.
On July 15, 2025, BankCom distributed a total dividend of ₱0.4500 per share, comprising ₱0.2000 in special dividends and ₱0.2500 in regular dividends—marking a 79% increase from the ₱0.2512 per share paid in 2024.
Gross revenues reached ₱12.61 billion, up 17% year-on-year, supported by an 18% increase in net interest income to ₱10.78 billion. Growth was driven by higher earnings from loans, receivables, and investment securities.
Other income rose 11% to ₱1.83 billion, fueled by favorable trading performance and expanded foreign exchange activities.
Operating expenses increased by 11% to ₱7.42 billion, reflecting continued investments in human capital, technology, and business expansion initiatives
Total assets grew 8% to ₱286.85 billion, supported by a 19% increase in loans and receivables to ₱162.82 billion. Deposits rose 5% to ₱223.31 billion, driven by successful marketing campaigns and deposit programs.
Asset quality remained sound, with gross non-performing loans (NPL) ratio at 1.33% and net NPL ratio at 0.62%. The Bank maintained strong capitalization, posting a capital adequacy ratio (CAR) of 16.48%.
In line with its growth strategy, BankCom expanded its footprint through its Branch Lite Unit (BLU) network, opening new locations at Caticlan Airport and NAIA Terminal 3 in 2025 to enhance customer accessibility.
The Bank also achieved several key milestones during the year, including:
- Winning “Deal of the Year (Large Cap)” and “Best Project Finance Deal (Large Cap)” at the Investment House Association of the Philippines (IHAP) Awards
- Receiving its first Golden Arrow award from the Institute of Corporate Directors (ICD)
- Conducting its second e-Raffle draw under its AYS program
With a strong capital base, improving profitability metrics, and continued investments in digitalization and customer reach, BankCom is well-positioned to sustain its growth trajectory and expand its market presence in the years ahead.
