Security Bank rakes in P2.14B in Q3 with more loans
This bank saw profits grow by 21% between July-September.
Security Bank Corp. reported a P2.14 billion net income during the third quarter of 2017, a fifth higher than its bottom line a year ago amid a robust increase in lending.
In a disclosure to the Philippine Stock Exchange, the listed lender said net interest income rose by P5 billion on the back of a 38% year-on-year increase in total loans, which reached P370 billion.
The consumer segment surged by 67%, while corporate lending shot up by 39%. Deposits also grew by 44% to reach P431 billion, the bank said.
Operating expenses grew by a more modest 17% totaling P1.6 bilion as the bank opened 19 new branches since a year ago.
This brought the bank’s nine-month income to P7.4 billion, spelling a 12% increase from the year-ago level with higher revenues despite a P600-million decline in trading gains.