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Sunday, March 3, 2024

Security Bank posted P4.9-b profit in first half

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Security Bank Corp. said Friday it posted a net income of P4.9 billion in the first half of 2023, driven by growth in core businesses, increase in quarterly net interest margin and normalized credit provisions.

Net interest income increased 9 percent in the six month period to P15.7 billion, while non-interest income went up 2 percent to P4.9 billion. Service charges, fees and commissions grew 7 percent to P2.8 billion.

Pre-provision operating profit was P8.2 billion. The bank set aside P1.6 billion as provisions for credit losses in the first half, an increase from P408 million a year ago. Gross non-performing loan ratio decreased to 3.06 percent from 3.28 percent.

NPL reserve cover improved to 100 percent from 92 percent.  Return on shareholders’ equity was 7.67 percent, while return on assets was 1.20 percent.

Total deposits reached P525 billion, with the share of low-cost savings and demand deposits rising to 63 percent from 59 percent a year ago. The bank said it shed high-cost deposits, resulting in a 13-percent year-on-year decrease in time deposits.

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