Bank of Commerce Board Approves 79% Dividend Hike After Record P3-B Profit

​The Board of Directors of Bank of Commerce (BankCom), an affiliate of San Miguel Corporation (SMC), has approved a 79% increase in cash dividends for common shareholders, following the bank’s record P3-billion profit in 2024.

​This is the bank’s second dividend declaration since going public in 2022. The total payout amounts to over P851 million, including P220 million for preferred shares.

Common shareholders will receive a total of P0.45 per share—comprising a regular dividend of P0.25 and a special dividend of P0.20. The dividends will be paid on July 15 to shareholders on record as of June 19.

BankCom said the payout represents 28% of its 2024 net income and will be funded from retained earnings, which remain well above levels at the time of its IPO.

The increased dividend follows strong performance across corporate lending, investment banking, and transaction fees. Net income for 2024 rose to P3 billion, the highest since BankCom became part of San Miguel in 2008.

Return on equity (ROE) climbed to 9.44% in 2024—more than double the 4.22% projected in its IPO prospectus. In the first quarter of 2025, ROE reached 10.27%, surpassing the bank’s target of 10% by 2026.

“A few years ago, we set forth on an ambitious five-year plan that would take us from an ROE of 6% in 2021 to an ROE of 10% in 2026,” said BankCom president and CEO Michelangelo R. Aguilar, speaking at the company’s annual stockholders’ meeting held recently. “We have now surpassed that target one year ahead of schedule.”

First-quarter 2025 net income reached P866.8 million, up 13% from the same period last year, driven by growth in interest income, trading, and foreign exchange gains.

An affiliate of San Miguel Corporation (SMC) since 2008, Bank of Commerce is a publicly-listed universal bank focused on helping its clients, communities and conglomerate partners by delivering the best choice of financial services harnessing the strengths of the SMC Group. Bank of Commerce is identified by its logo bearing the SMC symbols of escudo and cloverleaf, and by the trademark license short name "BankCom" granted by the Intellectual Property Office (IPO) in 2020. BankCom traces its origins to the Overseas Bank of Manila which opened in Binondo, Manila in 1963.