Philippine Bank of Communications (PBCOM) recorded a net income of P2.2Billion for 2024 exceeding the P2Billion mark for the first time.  This 16.5 percent increase was attributable to higher operating income from its core businesses.

In its annual report disclosed to the Philippine Stock Exchange, the Bank reported a 22.10 percent increase in interest income to P9.68 Billion from P7.92 Billion due to growth in both loan and securities portfolios and coupled with higher asset yields. PBCOM’s loans and receivables registered a growth of 10.40 percent to P101.3 Billion, while investment securities grew by 11.0 percent to P40.2 Billion. Amid the steady increase in lending, PBCOM kept its non-performing loan (NPL) ratio at 2.66 percent, an improvement over 2023’s 2.77%.

The Bank was able to manage its interest expense, posting a 17.2 percent growth in net interest income, at P5.5 billion in 2024 from P4.7 billion in 2023, thus, realizing a better net interest margin, at 4.05 percent in 2024 from 3.96 percent in 2023.

The Bank’s asset base climbed by 6.39 percent to P156.9 Billion in 2024 from P147.5 Billion in 2023, making it the 16th largest in lending, and 17th in asset size the Philippines based on data from the Bangko Sentral ng Pilipinas (BSP) as of end-December 2024.

Earnings per share continued to tread strong, posting a 16.46 percent growth, closing at P4.60 per share in 2024.

The Bank was recognized as one of only three Philippine companies included in Forbes Asia’s “Best Under A Billion” list, which highlights 200 top-performing publicly traded small and mid-sized companies in the Asia-Pacific region. Selected from over 20,000 eligible firms, PBCOM earned its spot for demonstrating strong financial performance, sustainable growth, and strategic resilience. The award was presented during the Forbes Asia Forum & Awards Dinner held in Hong Kong on October 23, 2024, marking a significant milestone as the Bank celebrates its 85th anniversary.