Philippine Bank of Communications’ (PBCom) net income in the first quarter of the year improved from a year earlier and from the last three months of 2015 as a result of higher operating income and lower operating expense.
In a disclosure to Philippine Stock Exchange on Friday, PBCom said it registered a consolidated net income of P28.1 million in January to March, up 59 prevent from P17.6 million.
On a quarterly basis, the bank’s net income surged by 102 percent from the P13.8 million.
Its operating income, composed of net interest and non-interest income, registered at P864.3 million from P835.4 million.
PBCom said its net interest income registered an increase of P20.9 million, “reflecting the growth in the bank’s loan portfolio and improvement in spreads of its deposits.”
Its non-interest income posted a moderate growth of 3 percent or P80 million, primarily due to trading gains.
Its operating expense registered an improvement “as the bank takes a more disciplined approach to cost management.”
PBCom said total asset were P80.1 billion, up 5.3 percent, led by the growth in loans and receivables by P40 billion.
Total liabilities stood at P71.1 billion, with deposits growing by P3.7 billion or 6.3 percent.
Low cost to deposit ratio is up at 31.5 percent from 30.2 percent.
PBCom said it remains focused on strengthening its core business that include branch banking, corporate, commercial and consumer lending, and treasury.