Security Bank Corp. on Friday reported a 15-percent increase in third-quarter net profit, driven by growth in core businesses.
The bank said net income from July to September amounted to P2.65 billion, up from P2.3 billion in the same period last year.
Net interest income went up by 19 percent to P9 billion year-on-year, while service charges, fees and commissions grew 1 percent to P1.5 billion quarter-on-quarter and 15 percent year-on-year.
The bank’s net income in the first nine months fell 11 percent to P7.6 billion from P8.6 billion last year.
“We are encouraged by continued positive, quarter-on-quarter momentum on net interest income, net margins, loan growth and net income,” said Security Bank president and chief executive Sanjiv Vohra.
“Our core client teams have maintained a strong focus on serving evolving client needs amidst a volatile global backdrop during the third quarter,” he said.
Security Bank’s total deposits stood at P562 billion, down from last year’s P5.83 billion. Low-cost savings and demand deposits as percent of total deposit was at 59 percent, up from 58 percent a year ago.
The bank shed high-cost deposits, resulting in a 6 percent year-on-year decrease in time deposits.
Security Bank opened two new branches in the third quarter of 2023, bringing the bank’s branch network to 319 branches as of Sept. 30, 2023.
The new branches are located in Aparri (Northern Cagayan) and Paranaque (Metro Manila).
Net loans increased to P502 billion, up 3.8 percent year-on-year and up 3.6 percent quarter-on-quarter.
Retail and MSME loans combined increased 22 percent year-on-year while wholesale loans decreased 3 percent.
The growth in retail and MSME loans was driven by home loans which grew 15 percent year-on-year, credit cards which rose 34 percent, auto loans which grew 23 percent and MSME loans which went up 71 percent.
