Security Bank income drops 18% to P4.3B
Lower trading gains hurt this bank’s bottom line.
Security Bank Corporation reported a P4.3-billion net income as of end-June, down by 18 percent from the amount it booked during the same period in 2017.
In a disclosure, Security Bank blamed the drop to lower trading gains, which was slashed by more than half year-on-year amid volatile financial markets.
Still, bank loans grew by 12 percent to reach P383 billion, which pushed net interest income higher to P7.4 billion. In fact, the consumer segment jumped by 50 percent.
Fee-based revenues also grew by 16 percent to P1.3 billion across bancassurance, credit cards and loans.