Security Bank nets P2.8B, up 7%

The bigger loan book of Security Bank Corp. tempered the impact of higher expenses and lower fees in the first three months of the year.

This resulted in a 7-percent climb in the bank’s net income during the period, to P2.8 billion.

In a disclosure, the bank led by tycoon Frederick Dy said its net interest income during the quarter had also jumped by 11 percent to P11.9 billion.

Net loans reached P646 billion, surging by 18 percent as lending to retail and micro, small and medium enterprises led growth.

Combined, these categories surged by 37 percent, while wholesale loans rose by 11 percent.

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Security Bank’s revenues expanded by 23 percent to P15.4 billion. Meanwhile, service charges, fees and commissions dropped by 30 percent to P2.2 billion.

This was due to a one-time bancassurance fee booked last year. Without this, the segment would have been higher by 27 percent.