Security Bank’s profit rose 11% to P5.4b in first half

Security Bank Corp. said Wednesday it posted a net profit of P5.4 billion in the first half of 2024, up by 11 percent year-on-year.

The bank’s total revenue went up by 24 percent year-on-year to P25.7 billion, while its net interest income increased 38 percent to P21.7 billion.

Security Bank’s net margin reached 5.20 percent in the six-month period, up by 96 basis points year-on-year. Service charges, fees and commission showed a 74-percent growth to P4.9 billion.

The bank said operating expense increased 20 percent in the first half, led by investments in manpower and technology. The strong performance led to a cost-to-income ratio of 58.4 percent, lower than 60.4 percent a year ago.