Money

Security Bank Q3 earnings jump to P2.7B

Dy family-led Security Bank Corp. grew its net income by 22% in July to September to P2.7 billion, boosted by strong growth in corporate loans and higher deposits.

Dy family-led Security Bank Corp. grew its net income by 22% in July to September to P2.7 billion, boosted by strong growth in corporate loans and higher deposits.

Total revenues jumped 35% to P8.8 billion, driven by core business income. Net interest income from customer loans and deposits/peso bond issuance surged 49% year-on-year to P5.9 billion.

Total loans expanded by 11% to P444 billion, 27% of which came from retail loans, which jumped 54% year-on-year.

Service charges, fees and commissions climbed 44% to P1 billion, driven by credit cards, loan fees, deposit charges, bancassurance and stock brokerage.

For the nine months ending September, Security Bank’s earnings grew 18% to P7.7 billion.

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