Philippine Bank of Communications reported a 34.6 percent growth in consolidated net income last year to P1.57 billion, the highest since the entry of the Lucio Co Group in 2014.
Net interest income increased by 8.1 percent to P4.24 billion. The Bank’s loans and receivables showed healthy growth, expanding by 10.2 percent to P63.5 billion, which is higher than the industry growth of 4.9 percent. The increase in low cost deposits, which now represents 60.4 percent of the deposit mix, helped cushion the impact of a low interest rate environment with net interest margin at 4.83 percent, an improvement of 20 basis points from 2020.PBCOM President and CEO Patricia May Siy
She added that, “We likewise believe that we have our non-performing loans under control as shown by reduced requirements for provisioning.” Total Assets reached P109.23 billion in 2021, an increase of 7.9 percent while capital strengthened by P1.65 billion to P14.18 billion.
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