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Manila Bulletin devider Business devider Security Bank reports P2.38-B Q1 net earnings

Security Bank reports P2.38-B Q1 net earnings

Published May 6, 2019 12:00 am
By James A. Loyola Security Bank Corporation reported the profits inched up 1.5 percent to P2.38 billion in the first quarter of 2019 as total revenues grew 20 percent to P7.6 billion. In a disclosure to the Philippine Stock Exchange, the bank said net interest income from customer loans and deposits sustained its healthy trajectory growing by 29 percent to P4.7 billion. This was driven by the continued expansion of retail loans and low-cost deposits. Retail loans grew 49 percent while low-cost deposits increased 11 percent. Retail loans now account for 23 percent of total loans versus 17 percent a year ago. Total loans grew 12 percent year-on-year to P412 billion. Total deposits increased 10 percent to P461 billion. Net interest spread on loans and deposits increased to 4.98 percent in the first quarter of 2019, up 78 basis points year-on-year. Total net interest income grew by 15 percent to P5.8 billion as interest income from financial investments grew 11 percent. Overall, net interest margin increased to 3.43 percent in the first quarter of 2019, up 19 basis points year-on-year. Service charges, fees and commissions increased 26 percent to P857 million. Major contributors w ere credit cards, loan fees, bancassurance, deposit charges and stock brokerage. Securities trading gains amounted to P671 million, up from P416 million in the first quarter of 2018. Total non-interest income increased by 39 percent to P1.8 billion.
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