MANILA — Robust loan growth boosted Security Bank Corporation\u2019s (Security Bank) net income in end-September 2017 to PHP7.4 billion, up 12 percent year-on-year.<\/p>\n
\u201cThis result was driven by a 24 percent or PHP2.8 billion increase in net interest income to PHP14.3 billion,\u201d the bank said in a disclosure with the Philippine Stock Exchange (PSE) Monday.<\/p>\n
In the third quarter alone, the bank\u2019s net income rose to PHP2.14 billion, up 21 percent year-on-year after\u00a0 net interest income rose 22 percent to PHP5 billion.<\/p>\n
The bank traced the big jump in net interest income to the 38 percent year-on-year increase in loans to PHP370 billion and the 44 percent uptick of deposits to PHP431 billion.<\/p>\n
Wholesale loans went up by 36 percent, spearheaded by the 39 percent rise of corporate loans;\u00a0 followed by the 32 percent increase of those extended to the middle market segment.<\/p>\n
Consumer loans, which accounts for 14 percent of total loans, registered a faster growth of 67 percent, the disclosure said.<\/p>\n
Net interest margin stayed flat at 3.2 percent but higher than end-2016\u2019s 3.1 percent.<\/p>\n
Operating expenses rose 17 percent in line with the increase in staffing for new branches, retail lending and electronic commerce (e-commerce) platform, which resulted in the 22 percent uptick in manpower cost.<\/p>\n
The bank opened 19 new branches from October last year up to the third quarter this year, eight of which were opened this year alone.<\/p>\n
Upgrade of the bank\u2019s inflation technology (IT) system and expansion of branches boosted software cost, among others, by 40 percent, it said.<\/p>\n
Net non-performing loan ratio (NPL) stood at 0.11 percent and NPL reserve cover is at 220 percent.<\/p>\n
Total assets went up by 17 percent to PHP796 billion, with shareholders capital up eight percent to PHP103 billion.<\/p>\n
Return on average shareholders\u2019 equity (ROE) is at 9.8 percent, return on average assets is 1.5 percent, and common equity Tier 1 ratio is 16.2 percent.<\/p>\n
Security Bank\u2019s Capital Adequacy Ratio (CAR), a gauge of a bank\u2019s financial health, is now at 18 percent, higher than regulatory requirements.<\/p>\n","protected":false},"excerpt":{"rendered":"
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