SMC banking arm doubles 9-month profitMANILA, Philippines — The banking arm of diversified conglomerate San Miguel Corp. (SMC) doubled its earnings from January to September, mainly brought about by higher interest income, an increase in foreign exchange gains and fees and commissions. “The bank’s strong performance was driven mainly by higher revenues from an expanded portfolio of products and services, including investment banking, following its recent upgrade to universal banking status,” Bank of Commerce said in a statement. As a result, the bank’s net interest income grew by 20.8 percent to P4.82 billion in the first nine months from P3.99 billion a year ago. For the third quarter alone, the profit of Bank of Commerce jumped by 87.2 percent to P601.58 million from P321.35 million in the same quarter last year. San Miguel Properties Inc. holds 31.9 percent of Bank of Commerce, while San Miguel Corp. Retirement Plan owns 30.84 percent.

Source: Philippine Star November 12, 2022 05:29 UTC