Security Bank Q1 income drops due to lower FX gains
A weaker peso kept profits down from a year ago.
Security Bank Corp. made P2.35 billion in net income for the first three months of 2018, 16.6 percent lower than the amount they made a year ago.
In a statement, the bank said the drop stems mainly from a P416-million decline in gains from foreign exchange trading. Bigger income tax payments also led to the drop in profits, Security Bank said in a disclosure.
Still, the bank’s core businesses remained robust with core revenues up by 15 percent, supported by a P5-billion increase in net interest income.
“The underlying customer business remained strong, with net interest income from customer loans and deposits increasing by 43% to Php 3.6 billion,” the bank told the Philippine Stock Exchange.
Loans grew by 20 percent year-on-year to hit P367 billion, while deposits rose by 11 percent to P420 billion.