Security Bank has posted a net profit of P2.6 billion in the first three months of the year that officials attribute to the expansion of its retail and MSME businesses.
On a year-on-year basis, net profit grew 11 percent.
“Our results for the first quarter reflect both accelerating momentum across our retail, MSME, and wholesale segments. We’re excited to introduce our brand-new Security Bank app in 2Q, which will enhance the online banking experience and reinforce our BetterBanking commitment,” Security Bank president and chief executive officer, Sanjiv Vohra, said.
Total revenue increased 27 percent to P12.5 billion. Net interest income rose 44 percent over the year to P10.7 billion. Total non-interest income was at P1.8 billion. Service charges, fees and commissions increased 136 percent year-on-year to P3.1 billion, boosted by the bancassurance milestone fee. Excluding extraordinary items on both revenue and expense, which offset each other, normalized net income was largely unchanged.
On a sequential quarter-on-quarter basis, net profit rose 71 percent.
Total revenue grew 6 percent. Net interest margin increased to 5.32 percent, up by 12 basis points versus quarter-ago level and up by 126 basis points versus year-ago level.
Net interest income grew 7 percent over the quarter. Service charges, fees and commissions increased 76 percent quarter-on-quarter.
