Security Bank posts record P10.3B profit in 2017

Listed Security Bank Corporation (SBC) chalked up a record-high net income of PHP10.3 billion in 2017, driven by double-digit growth in net interest and non-interest income. (Photo: Security Bank/Facebook)

MANILA — Listed Security Bank Corporation (SBC) chalked up a record-high net income of PHP10.3 billion in 2017, driven by double-digit growth in net interest and non-interest income.

The bank’s profit grew 20 percent in 2017 from PHP8.55 billion in 2016.

SBC told the local bourse on Monday its net interest income grew by 22 percent to PHP19.4 billion, while non-interest income increased by 15 percent to PHP5.7 billion.

Trading gains surged 36 percent to PHP2.4 billion, while service charges, fees, and commission income rose slightly by 3 percent.

SBC’s total revenues increased 20 percent to PHP25.1 billion.

For the fourth quarter of 2017, the bank’s net income rose 49 percent year-on-year to PHP2.9 billion, driven by a 16-percent growth in net interest income to PHP5 billion and gain on sale of securities of PHP1.3 billion.

Loans increased 28 percent to PHP369 billion. Wholesale loans grew 25 percent, where corporate loan growth was 25 percent, while middle market loan growth increased by 24 percent.

Consumer loans, accounting for 16 percent of total loans, continued with its upward trajectory, growing 49 percent.

Deposit grew 19 percent, with low-cost deposits growing 18 percent.