Security Bank Corp. posted an 8-percent year-on-year profit growth in the first semester to P5.2 billion on the back of a double-digit expansion in core lending activities.
For the second quarter alone, net profit surged by 32 percent year-on-year to P2.43 billion, the bank disclosed to the Philippine Stock Exchange yesterday.
The growth in six-month earnings was driven by a 26-percent expansion in net interest income to P9.3 billion while non-interest income, including trading gains, fell by 15 percent year-on-year to P2.9 billion.
In the second quarter, growth in earnings was underpinned by a 24-percent rise in net interest income to P4.9 billion.
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In the first half, the increase in net interest income was driven by a 27-percent growth in the loan book to P340 billion.
The expansion in risk assets was funded by a 26-percent growth in deposits to P380 billion. Low-cost deposits increased by 21 percent year-on-year in the first semester.
