Security Bank profit grows 22% to P2.8B

Net profit of local lender Security Bank Corp. grew in the third quarters of 2019 by nearly one-fourth, or 22 percent, year on year to P2.8 billion as a result of higher interest earnings and income from fees and treasury papers.

This brought net profit for the nine-month period to P7.7 billion, up by 18 percent from the previous year, Security Bank disclosed to the Philippine Stock Exchange on Monday.

Total revenue for the third quarter grew by 35 percent year-on-year to P8.8 billion, driven by core business income. Net interest income increased by 49 percent year-on-year to P5.9 billion, attributed by the bank to the expansion of retail loans and low-cost deposits, alongside “disciplined pricing” in wholesale loans.

Service charges, fees and commissions increased by 44 percent to P1 billion for the third quarter, driven by credit cards, loan fees, deposit charges, bancassurance and stock brokerage. Quarterly securities trading gains for the quarter amounted to P369 million. Total non-interest income increased by 43 percent to P1.8 billion for the quarter./TSB