Security Bank Corp. said Thursday its net profit went up 12 percent to P8.5 billion in the first nine months of 2024 from a year ago on the back of a 28-percent increase in revenue.
Revenues amounted to P40 billion in the nine-month period, driven by growth in both net interest income and non-interest income. Net interest income increased 31 percent to P32.4 billion, with net interest margin remaining robust at 4.90 percent.
Total non-interest income also rose 18 percent year-on-year to P7.6 billion. Service charges, fees and commissions grew 55 percent to P6.7 billion.
Security Bank said net profit in the third quarter grew 14 percent to P3.0 billion as revenues climbed 36 percent to P14.4 billion.
Third-quarter net interest income was P10.7 billion, up 19 percent year-on-year. Net interest margin in the third quarter reached 4.66 percent.
Total non-interest income amounted to P3.6 billion in the third quarter, representing a growth of 129 percent year-on-year and 62 percent quarter-on-quarter. This was driven by securities trading gains of P889 million and service charges, fees and commissions of P1.8 billion.
