Security Bank profit doubled to P6.2B in H1 | Inquirer Business

Security Bank profit doubled to P6.2B in H1

/ 04:49 PM August 16, 2022

Security Bank Corp. said net income in the first half of 2022 doubled to P6.2 billion on higher interest earnings and lower credit expenses.

In a statement on Tuesday, the lender said net interest income reached P14.4 billion, up 6 percent from the same period last year. Meanwhile, non-interest income hit P4.8 billion.

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“We are very pleased by the continued improvement in our core businesses,” Security Bank president and CEO Sanjiv Vohra said in the statement.

“Our growth in loans and investment securities is a tangible manifestation of our commitment to clients to support the reopening of the economy and address the impact of inflation,” he added.

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Security Bank said service charges, fees and commissions jumped 22 percent to P2.6 billion. This was led by increase in fees from deposits, credit cards and capital markets.

Other non-interest earnings, excluding securities trading gains and fee income, rose 47 percent to P2.2 billion. This was led by foreign exchange income and recovery on charged-off assets.

The lender set aside P408 million as provisions for credit losses in the first half, lower by 83 percent from last year.

Moreover, gross the non-performing loan ratio decreased to 3.28 percent from 3.65 in the previous quarter, it added.

Security Bank ended June with a common equity tier 1 ratio of 16.7 percent and total capital adequacy ratio of 17.2 percent. Total assets increased to P766 billion, up 9 percent from last year.

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TAGS: interest earnings, Profit, Security Bank
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