PBCom nearly doubles net income in 2016

PHILIPPINE Bank of Communications’ (PBCom) net income in 2016 nearly doubled to P400.1 million from P203.3 million in 2015 based on the equity method for parent and subsidiaries, driven by improvements in its core business and prudent cost management.

“Parent bank showed a very strong growth in net income from P132.1 million to P350.1 million, cushioning the decline in net income of its subsidiaries. PBCom Management set to accomplish and achieved increased profitability through combined topline growth in revenues, driven by improvements in its core business and prudent cost management,” PBCom said in a disclosure to the Philippine Stock Exchange (PSE) on Tuesday.