Bank of Commerce net income rose 13.4% to ₱2.11 billion in the first half of 2026, up from ₱1.86 billion in the same period last year, driven by stronger core banking revenues and improved foreign exchange gains.
The San Miguel-led lender continued to benefit from steady growth in its lending portfolio and client-related transactions, supporting its overall profitability for the period.
The double-digit increase reflects the bank’s sustained momentum in expanding its interest-earning assets and diversifying income streams amid a shifting interest rate environment. Despite broader market volatility, Bank of Commerce maintained solid earnings performance, underscoring the resilience of its core banking operations in the first half of the year.
Net Interest Income Supports Growth
The bank’s first-half performance was driven primarily by growth in net interest income, reflecting continued strength in its core lending business.
BankCom’s first-quarter results also showed the same trend, with net interest income rising 20% year-on-year to ₱2.98 billion as interest-earning assets expanded, particularly loans and receivables. The bank also recorded growth in client-related foreign exchange transactions.
The latest results indicate that BankCom has maintained the momentum it established at the beginning of 2026 despite a more challenging market environment.
Foreign Exchange Business Adds to Earnings
Foreign exchange gains from client transactions also contributed to the increase in Bank of Commerce net income.
The bank has identified client-related FX transactions as one of the contributors to its core revenue performance, helping offset volatility in other trading activities. Its first-quarter filing noted that gains from client-related FX transactions partially cushioned declines in other income caused by market volatility.
The performance highlights the importance of diversified revenue streams as banks navigate changing interest rates, currency movements, and broader market conditions.
Building on Post-IPO Growth
The first-half results add to BankCom’s growth trajectory since its public listing in 2022. In 2025, the bank reported a record annual net income of ₱3.54 billion, up 17% from ₱3.02 billion in 2024. Its full-year performance was driven by net interest income as well as trading and foreign exchange gains.
The bank has also been investing in technology, branch-lite locations, and human capital as it expands its operations. These investments contributed to higher operating expenses in the first quarter, but were intended to support increasing transaction volumes and future growth.
What the Results Signal
The rise in Bank of Commerce net income comes as the broader Philippine banking sector also posted stronger earnings in the first half of 2026. Preliminary BSP data showed industry-wide net profit reaching ₱208.39 billion, up 5.2% year-on-year, with net interest income remaining the primary driver.
For BankCom, continued growth in lending income and client-related foreign exchange activity could remain important to sustaining profitability through the rest of the year.
The first-half performance shows that BankCom continues to build on its post-IPO momentum, while strengthening its core banking businesses and expanding the revenue streams supporting its growth.
