{"id":312481,"date":"2022-03-13T13:20:58","date_gmt":"2022-03-13T05:20:58","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=312481"},"modified":"2023-01-08T15:23:56","modified_gmt":"2023-01-08T07:23:56","slug":"special-report-bank-of-commerce-ipo-analysis","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/special-report-bank-of-commerce-ipo-analysis\/","title":{"rendered":"Bank of Commerce (BNCOM) IPO Analysis"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Also read these other Bank of Commerce IPO Special Reports!<\/h2>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-pinoyinvestor wp-block-embed-pinoyinvestor\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"fSYtsYXpbX\"><a href=\"https:\/\/www.pinoyinvestor.com\/smartinvestor\/special-report-bncom-ipo-rcdc\/\">Bank of Commerce (BNCOM) IPO: Is it a good buy?<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Bank of Commerce (BNCOM) IPO: Is it a good buy?&#8221; &#8212; PinoyInvestor\" src=\"https:\/\/www.pinoyinvestor.com\/smartinvestor\/special-report-bncom-ipo-rcdc\/embed\/#?secret=EiQQlLDhvX#?secret=fSYtsYXpbX\" data-secret=\"fSYtsYXpbX\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>At its original indicated price of P12.50, Bank of Commerce (BNCOM)&#8217;s price-to-book value (P\/BV) is around 0.75x. When compared to other banks that are similar in asset size such as Rizal Commercial Banking Corp. (RCB) and China Banking Corp. (CHIB), BNCOM has a higher P\/BV, with CHIB at 0.46 and RCB at 0.60.<\/p>\n\n\n\n<p>So while the balance sheet looks healthy and their net income looks impressive, the IPO would be more attractive at a price below the original maximum price of P12.50 per share.<\/p>\n\n\n\n<p>The Philippine Stock Exchange (PSE) has approved the IPO of Bank of Commerce (BNCOM) wherein the bank will offer around 280.6 million shares. The final offer price, announced on March 11, is P12.00 per share. BNCOM plans to conduct the IPO from March 16 to March 22, while their tentative listing date is on March 31.<\/p>\n\n\n\n<p>For service reach, the Bank has retail and corporate internet banking facilities, 140 branches and 257 ATMs located nationwide as of September 30, 2021. Despite the pandemic, net income was at P625.7 million as of September 30, 2021 compared to P495.3 million of September 2020. This was due to higher net interest income, which grew by 7.21% to \u20b13.99 billion due to lower funding cost as interest expenses declined.<\/p>\n\n\n\n<p>From the end of June 2018 to the end of December 2020, the Bank has grown its total loans by 35%, or from \u20b154.0 billion to \u20b173.0 billion, driven mainly by the growth coming from loans to non-affiliates. Such loan growth was achieved while maintaining balance sheet strength and asset quality with net NPL ratio of 0.9%, as of 31 December 2020.<\/p>\n\n\n\n<p>BNCOM believes that it has strong support from San Miguel Corporation (SMC) and continues to leverage its position as a member of the SMC Group, which is one of the largest and most diversified conglomerates in the Philippines by revenues and total assets. As a result of this relationship, the Bank has been able to gain significant business and realize valuable synergies with the SMC Group. The SMC ecosystem provides the Bank with an abundant source of growth which it has historically leveraged and will continue to maximize as it pursues a new phase of growth.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IPO Analysis Special Report<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-312481","post","type-post","status-publish","format-standard","hentry","category-special-reports","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/312481","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/comments?post=312481"}],"version-history":[{"count":5,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/312481\/revisions"}],"predecessor-version":[{"id":320486,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/312481\/revisions\/320486"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=312481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=312481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=312481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}