Banking / Security bank hits P2.4b in 1st quarter net profit

SECURITY Bank Corp. reported that it posted a net profit of P2.4 billion in the first quarter of 2023, driven by growth in its core businesses.

It said that its net profit increased 18 percent on a sequential quarter-on-quarter basis.

Net interest margin increased to 4.06 percent, up by 14 basis points versus the previous quarter. Net interest income likewise increased three percent quarter-on-quarter.

On a year-on-year basis, the bank’s total revenues grew six percent to P9.8 billion, while its net interest income increased seven percent to P7.5 billion.

Total non-interest income was at P2.3 billion, up two percent year-on-year. Non-interest income was driven by service charges, fees and commissions, which was up two percent year-on-year. (PR)