Security Bank profit doubled to P6.2B in H1

Security Bank Corp. said net income in the first half of 2022 doubled to P6.2 billion on higher interest earnings and lower credit expenses.

In a statement on Tuesday, the lender said net interest income reached P14.4 billion, up 6 percent from the same period last year. Meanwhile, non-interest income hit P4.8 billion.

“We are very pleased by the continued improvement in our core businesses,” Security Bank president and CEO Sanjiv Vohra said in the statement.

“Our growth in loans and investment securities is a tangible manifestation of our commitment to clients to support the reopening of the economy and address the impact of inflation,” he added.

Security Bank said service charges, fees and commissions jumped 22 percent to P2.6 billion. This was led by increase in fees from deposits, credit cards and capital markets.

Other non-interest earnings, excluding securities trading gains and fee income, rose 47 percent to P2.2 billion. This was led by foreign exchange income and recovery on charged-off assets.

The lender set aside P408 million as provisions for credit losses in the first half, lower by 83 percent from last year.

Moreover, gross the non-performing loan ratio decreased to 3.28 percent from 3.65 in the previous quarter, it added.

Security Bank ended June with a common equity tier 1 ratio of 16.7 percent and total capital adequacy ratio of 17.2 percent. Total assets increased to P766 billion, up 9 percent from last year.

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