Retail, MSME loans buoy Security Bank H1 profit
Retail and micro, small and medium enterprise (MSME) loans helped lift the first-semester profit of Security Bank Corp. by 8 percent.
This reached P5.9 billion amid a monetary policy easing cycle. In a stock exchange filing on Wednesday, Security Bank said its revenues in the January to June period surged by 23 percent to P31.6 billion.
Net interest income totaled P24.3 billion, up by 12 percent. As of end-June, net loans had jumped by 16 percent to P667 billion, as retail and MSME loans expanded by 32 percent.
Home loans grew by 17 percent while credit cards swelled by 43 percent and auto loans by 54 percent. Wholesale loans likewise rose by 7 percent.
