Buy Or Sell Opportunity • Apr 27
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to ₱11.10. The fair value is estimated to be ₱9.07, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 18%. Reported Earnings • Apr 06
Full year 2025 earnings released: EPS: ₱2.32 (vs ₱1.98 in FY 2024) Full year 2025 results: EPS: ₱2.32 (up from ₱1.98 in FY 2024). Revenue: ₱12.2b (up 15% from FY 2024). Net income: ₱3.54b (up 27% from FY 2024). Profit margin: 29% (up from 26% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Apr 01
Bank of Commerce, Annual General Meeting, May 26, 2026 Bank of Commerce, Annual General Meeting, May 26, 2026, at 11:00 W. Australia Standard Time. Location: application and via livestreaming, Philippines Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: ₱0.58 (vs ₱0.52 in 3Q 2024) Third quarter 2025 results: EPS: ₱0.58 (up from ₱0.52 in 3Q 2024). Revenue: ₱3.12b (up 15% from 3Q 2024). Net income: ₱884.4m (up 21% from 3Q 2024). Profit margin: 28% (up from 27% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ₱0.66 (vs ₱0.42 in 2Q 2024) Second quarter 2025 results: EPS: ₱0.66 (up from ₱0.42 in 2Q 2024). Revenue: ₱3.12b (up 24% from 2Q 2024). Net income: ₱993.9m (up 67% from 2Q 2024). Profit margin: 32% (up from 24% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Jul 02
Bank of Commerce Announces Resignation of Rebecca Maria A. Ynares as Independent Director, Effective June 30, 2025 Independent Director, Rebecca Maria A. Ynares has tendered her resignation as Independent Director of Bank of Commerce effective June 30, 2025. Ms. Ynares' decision comes in view of her assumption as Representative of the 1st District of Rizal effective June 30, 2025. Such role requires her full attention and prohibits her, as a public official, from engaging in private practice or continuing to serve on the Board of the Bank. The Bank shall duly disclose Ms. Ynares' replacement in the Board of Directors as soon as the same has been duly elected. Upcoming Dividend • Jun 12
Upcoming dividend of ₱0.45 per share Eligible shareholders must have bought the stock before 18 June 2025. Payment date: 15 July 2025. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Filipino dividend payers (6.0%). In line with average of industry peers (3.5%). Recent Insider Transactions • Jun 05
Executive VP recently bought ₱177k worth of stock On the 30th of May, Antonio Laquindanum bought around 25k shares on-market at roughly ₱7.09 per share. This transaction amounted to 33% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Antonio has been a buyer over the last 12 months, purchasing a net total of ₱277k worth in shares. Declared Dividend • May 29
Dividend of ₱0.45 announced Shareholders will receive a dividend of ₱0.45. Ex-date: 18th June 2025 Payment date: 15th July 2025 Dividend yield will be 6.5%, which is higher than the industry average of 3.1%. Sustainability & Growth The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. Earnings per share has grown by 29% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 08
First quarter 2025 earnings released: EPS: ₱0.57 (vs ₱0.51 in 1Q 2024) First quarter 2025 results: EPS: ₱0.57 (up from ₱0.51 in 1Q 2024). Revenue: ₱2.93b (up 12% from 1Q 2024). Net income: ₱866.8m (up 21% from 1Q 2024). Profit margin: 30% (up from 27% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Mar 26
Bank of Commerce, Annual General Meeting, May 27, 2025 Bank of Commerce, Annual General Meeting, May 27, 2025, at 14:00 W. Australia Standard Time. Location: zoom application and via livestreaming, Philippines Reported Earnings • Mar 26
Full year 2024 earnings released: EPS: ₱1.98 (vs ₱1.86 in FY 2023) Full year 2024 results: EPS: ₱1.98 (up from ₱1.86 in FY 2023). Revenue: ₱10.6b (up 7.3% from FY 2023). Net income: ₱3.02b (up 16% from FY 2023). Profit margin: 28% (up from 26% in FY 2023). The increase in margin was driven by higher revenue. Announcement • Feb 26
Bank of Commerce Announces Management Changes In its February 25, 2025 meeting, the Board of Directors of Bank of Commerce appointed Mr. Joel O. Longalong as the Bank's Chief Audit Executive effective April 1, 2025. Mr. Longalong will replace Mr. Reginald C. Nery, whose Executive Contract will end on March 31, 2025. In the same meeting, the Board of Directors appointed Director Leonardo J. Matignas, Jr. as Lead Independent Director, effective immediately. Mr. Longalong has been the Department Head of IT Audit Department ever since he joined Bank of Commerce in 2013. In November 2021, he was appointed as Officer-In-Charge of the Internal Audit Division, concurrent to being Department Head of IT Audit Department. He has about 27 years of work experience, 21 years of which are related to Information Systems (IS) and Information Technology (IT) Audit. Prior joining Bank of Commerce, he was the IT Audit Head at Asia United Bank from September 2006 until April 2013. He was also an IS Audit Officer at Security Bank Corporation from January 2005 to August 2006, as well as an IS Auditor at KPMG Laya Mananghaya Consulting Inc. from July to December of 2004. Mr. Longalong graduated from De La Salle University with a degree in Bachelor of Science in Accountancy. He is a Certified Public Accountant, a Certified Information Systems Auditor. and a certified COBIT F professional. In December 2024, he earned the Certified Internal Auditor designation from the Institute of Internal Auditors. Director Matignas has been an independent director of the Bank since June 2023. He retired from SyCip Gorres Velayo and Co. (SGV) in June 2022 as Partner and Chief Risk Officer. He is a multi-awarded and an internationally recognized authority on Enterprise Risk Management. He graduated Magna Cum Laude at San Sebastian College with a degree in BS Commerce and has a Masters in Management from University of Phoenix. He is a licensed CPA and is a Fellow CPA in Australia, a Certified Internal Auditor, and Certified Fraud Examiner. Additionally, he has a certification in Risk Management Assurance. As Lead independent Director, Director Matignas shall, among others: serve as an intermediary between the Chairman and the other directors, when necessary; convene and chair meetings of the non-executive director; and contribute to the performance evaluation of the Chairman, as required. Buy Or Sell Opportunity • Jan 10
Now 21% overvalued Over the last 90 days, the stock has fallen 14% to ₱7.20. The fair value is estimated to be ₱5.97, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 20%. Reported Earnings • Nov 16
Third quarter 2024 earnings released: EPS: ₱0.52 (vs ₱0.27 in 3Q 2023) Third quarter 2024 results: EPS: ₱0.52 (up from ₱0.27 in 3Q 2023). Revenue: ₱2.71b (up 23% from 3Q 2023). Net income: ₱793.4m (up 87% from 3Q 2023). Profit margin: 29% (up from 19% in 3Q 2023). The increase in margin was driven by higher revenue. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ₱0.42 (vs ₱0.63 in 2Q 2023) Second quarter 2024 results: EPS: ₱0.42 (down from ₱0.63 in 2Q 2023). Revenue: ₱2.51b (down 1.7% from 2Q 2023). Net income: ₱649.3m (down 17% from 2Q 2023). Profit margin: 26% (down from 31% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Announcement • Aug 01
Bank of Commerce Announces Executive Changes In its July 30, 2024 meeting, Bank of Commerce reported to the Board of Directors the acceptance of the resignation of Chief Trust Officer and Trust Services Group (TSG) Head Mr. Gamalielh Ariel O. Benavides effective October 31, 2024. In the same meeting, the Board of Directors approved the hiring of the following senior officers: Ms. Melanie P. Santos as Head of the Human Resource Management and Development Division effective September 16, 2024, and Mr. Don Carlo P. Hernandez as Chief Trust Officer and TSG Head effective November 4, 2024. Recent Insider Transactions • Jun 26
Executive VP recently bought ₱100k worth of stock On the 21st of June, Antonio Laquindanum bought around 15k shares on-market at roughly ₱6.67 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Antonio's only on-market trade for the last 12 months. Announcement • May 30
Bank of Commerce DeclareS Regular Cash Dividend, Payable on July 15, 2024 In its May 28, 2024 meeting, the Board of Directors of Bank of Commerce declared a regular cash dividend of PHP 0.2512 per share, payable on July 15, 2024 with record date of June 19, 2024. The dividend shall be paid out of the Bank's unrestricted retained earnings as of December 31, 2023. Announcement • May 29
Bank of Commerce Announces Executive Changes During its meeting on May 28, 2024, the Board of Directors of Bank of Commerce approved the resignation of Marie Kristin G. Mayo as Head, Human Resources Management and Development Division, July 15, 2024, Reason(s) for Resignation/Cessation: availment of early retirement program of the Bank. The bank appointed Annalyn Delos Santos as Head, Branch Banking Group, Effective Date of Appointment Election is June 1, 2024. Ms. Annalyn delos Santos has been with Bank of Commerce since August 2011. She was Area Head of the Branch Banking Group (BBG) for the Manila Central Area (August 2011 to July 2015), Makai Area (August 2015 to December 2018), and Metro Manila Area (January 2019 to February 2020). In March 2020, she was promoted to Division Head of the Metro Manila Division II (MMDII) of the Bank’s BBG. She has been the officer-in-charge of the BBG and concurrent MMDII Head Since Mr. Joel Carranto’s resignation effective January 4, 2024. Ms. Delos Santos’s previous work experience include working as a teller, branch accountant, and branch service officer at Union Bank of Philippines from June 1995 to August 1997. She was also a sales officer and branch manager at International Exchange Bank from October 1999 to March 2002. She then became Branch Head at Security Bank from April 2002 to December 2006, and as Branch Manager of Export & Industry Bank from January 2007 to June 2011. Ms. Delos Santos has a degree in BSBA-Management Minor in Accounting from the Pamantasan ng Lungsod ng Maynila (1995). Reported Earnings • May 16
First quarter 2024 earnings released: EPS: ₱0.51 (vs ₱0.48 in 1Q 2023) First quarter 2024 results: EPS: ₱0.51 (up from ₱0.48 in 1Q 2023). Revenue: ₱2.62b (up 13% from 1Q 2023). Net income: ₱769.2m (up 14% from 1Q 2023). Profit margin: 29% (in line with 1Q 2023). Buy Or Sell Opportunity • May 16
Now 31% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to ₱7.49. The fair value is estimated to be ₱5.70, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last year. Earnings per share has grown by 33%. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: ₱1.86 (vs ₱1.24 in FY 2022) Full year 2023 results: EPS: ₱1.86 (up from ₱1.24 in FY 2022). Revenue: ₱9.90b (up 25% from FY 2022). Net income: ₱2.61b (up 58% from FY 2022). Profit margin: 26% (up from 21% in FY 2022). The increase in margin was driven by higher revenue. Net interest margin (NIM): 4.28% (up from 3.73% in FY 2022). Cost-to-income ratio: 61.8% (down from 67.6% in FY 2022). Non-performing loans: 1.79% (down from 2.39% in FY 2022). Announcement • Feb 28
Bank of Commerce, Annual General Meeting, Apr 30, 2024 Bank of Commerce, Annual General Meeting, Apr 30, 2024, at 14:00 Singapore Standard Time. Announcement • Dec 21
Bank of Commerce Announces Resignation of Mr. Joel T. Carranto as Head of the Branch ,Effective from January 4, 2024 Bank of Commerce announced resignation of Mr. Joel T. Carranto as Head of the Branch Banking Group of the Bank effective January 4, 2024. Mr. Carranto's resignation is due to personal reasons. New Risk • Dec 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Filipino stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: ₱0.27 (vs ₱0.43 in 3Q 2022) Third quarter 2023 results: EPS: ₱0.27 (down from ₱0.43 in 3Q 2022). Revenue: ₱2.21b (flat on 3Q 2022). Net income: ₱423.9m (down 30% from 3Q 2022). Profit margin: 19% (down from 28% in 3Q 2022). Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₱6.96, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 5x in the Banks industry in Philippines. Total loss to shareholders of 24% over the past year. Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: ₱0.59 (vs ₱0.39 in 2Q 2022) Second quarter 2023 results: EPS: ₱0.59 (up from ₱0.39 in 2Q 2022). Revenue: ₱2.55b (up 30% from 2Q 2022). Net income: ₱833.1m (up 69% from 2Q 2022). Profit margin: 33% (up from 25% in 2Q 2022). The increase in margin was driven by higher revenue. Announcement • Jul 06
BankCom Re-Fleets its ATM Network with Advanced Security and User-Friendly Features San Miguel Corporation (SMC) affiliate Bank of Commerce (BankCom) announced the deployment of new automated teller machines (ATMs) offering advanced security features and a user-friendly touch screen interface that aim to provide an enhanced banking experience that matches the evolving needs of its valued clients. The ATM re-fleeting project is one of the priority items under the Bank's 5-year IT investment and digitalization program. Almost 300 combined ATMs and cash recycling machines (CRMs) are to be installed within the Bank's branches and strategic off-site locations. Recent Insider Transactions • May 26
Executive VP recently bought ₱75k worth of stock On the 23rd of May, Antonio Laquindanum bought around 10k shares on-market at roughly ₱7.47 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₱205k. Antonio has been a buyer over the last 12 months, purchasing a net total of ₱280k worth in shares. Reported Earnings • May 14
First quarter 2023 earnings released: EPS: ₱0.48 (vs ₱0.26 in 1Q 2022) First quarter 2023 results: EPS: ₱0.48 (up from ₱0.26 in 1Q 2022). Revenue: ₱2.31b (up 33% from 1Q 2022). Net income: ₱712.9m (up 119% from 1Q 2022). Profit margin: 31% (up from 19% in 1Q 2022). The increase in margin was driven by higher revenue. Recent Insider Transactions • Mar 23
Executive VP recently bought ₱205k worth of stock On the 17th of March, Antonio Laquindanum bought around 25k shares on-market at roughly ₱8.21 per share. This transaction increased Antonio's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Antonio has been a buyer over the last 12 months, purchasing a net total of ₱325k worth in shares. Reported Earnings • Mar 16
Full year 2022 earnings released: EPS: ₱1.24 (vs ₱1.02 in FY 2021) Full year 2022 results: EPS: ₱1.24 (up from ₱1.02 in FY 2021). Revenue: ₱7.95b (up 16% from FY 2021). Net income: ₱1.80b (up 57% from FY 2021). Profit margin: 23% (up from 17% in FY 2021). The increase in margin was driven by higher revenue. Recent Insider Transactions • Dec 26
Insider recently bought ₱119k worth of stock On the 21st of December, Felipe Timbol bought around 15k shares on-market at roughly ₱7.95 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱2.1m more in shares than they have sold in the last 12 months. Reported Earnings • Nov 16
Third quarter 2022 earnings released Third quarter 2022 results: EPS: ₱0.43. Net income: ₱567.2m (up ₱567.2m from 3Q 2021). Reported Earnings • Aug 09
Second quarter 2022 earnings released Second quarter 2022 results: EPS: ₱0.39. Revenue: ₱1.97b (flat on 2Q 2021). Net income: ₱526.3m (up ₱526.3m from 2Q 2021). Profit margin: 27% (up from null in 2Q 2021). Announcement • Jun 02
Bank of Commerce Announces Director Changes Bank of Commerce announced resignation of Director Carolina G. Diangco and Election of Independent Director Simon R. Paterno. Director Carolina G. Diangco tendered her resignation as member of the Board of Directors effective May 31, 2022. Director Diangco's resignation is due to personal reasons. Announcement • May 18
Bank of Commerce Announces Executive Appointments Bank of Commerce announced appointed of Martin Villalon as Head of the Bank's Investment Banking Group and Gregorio Yaranon, Jr. was appointed as the Bank's Chief Compliance Officer. Reported Earnings • May 17
First quarter 2022 earnings released First quarter 2022 results: EPS: ₱0.29. Revenue: ₱1.74b (flat on 1Q 2021). Net income: ₱360.6m (up ₱360.6m from 1Q 2021). Profit margin: 21% (up from null in 1Q 2021). Recent Insider Transactions • Apr 12
Executive VP recently bought ₱120k worth of stock On the 6th of April, Antonio Laquindanum bought around 10k shares on-market at roughly ₱12.15 per share. In the last 3 months, there was an even bigger purchase from another insider worth ₱840k. This was Antonio's only on-market trade for the last 12 months. Announcement • Apr 08
Bank of Commerce Announces Executive Appointments Bank of Commerce announced the appointment of Antonio S. Laquindanum as Corporate information officer and Robby Carlo J.Gaerlan as Alternate Corporate Information officer, effective from March 30, 2022. Recent Insider Transactions • Apr 08
Board Adviser recently bought ₱840k worth of stock On the 31st of March, Ferdinand Constantino bought around 70k shares on-market at roughly ₱12.00 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱1.8m more in shares than they have sold in the last 12 months. Announcement • Apr 06
Bank of Commerce, Annual General Meeting, Apr 29, 2022 Bank of Commerce, Annual General Meeting, Apr 29, 2022, at 14:00 Singapore Standard Time. Agenda: To consider approval of the Minutes of Special Stockholders' Meeting held on 9 November 2021; to consider presentation of the Annual Report; to consider ratification of Acts and Proceedings of the Board of Directors and Corporate Officers; to consider confirmation of Bank's Significant Transactions with its DOSRI and Related Parties; to consider approval of Amendment to SECOND Article of the Amended Articles of Incorporation of the Bank to Change its Purpose from a Commercial Bank to a Universal Bank, and to correct identified typographical errors; to consider approval of Amendments to Sections 2 and 4 of Article III of the Amended By-Laws of the Bank to conform with Sections 28 and 52 of the Revised Corporation Code, and to correct identified typographical errors; and to transact other business. Announcement • Apr 01
Bank of Commerce has completed an IPO in the amount of PHP 3.367234 billion. Bank of Commerce has completed an IPO in the amount of PHP 3.367234 billion.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 84,180,900
Price\Range: PHP 12
Discount Per Security: PHP 0.27
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 196,421,900
Price\Range: PHP 12
Discount Per Security: PHP 0.27