Lender Security Bank booked P8.6 billion in net profit last year, down by 16 percent from the previous year, due to slower trading gains and an increase in tax provision.
In a disclosure to the Philippine Stock Exchange on Thursday, Security Bank said its net interest income from customer loans and deposits rose by 30 percent to P15.7 billion last year as the bank generated more low-cost deposits and expanded its loan book.
Its loan book grew by 12 percent to P416 billion. Consumer loans rose by 47 percent, or about a fifth of total loans compared to 16 percent a year ago. Wholesale loans grew by 7 percent.
Total deposits increased by 18 percent to P489 billion. Low-cost deposits grew by 15 percent.
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Net interest margin improved to 3.4 in the fourth quarter, up by 13 basis points year-on-year and by 10 basis points quarter-on-quarter.
Service charges, fees and commissions rose by 26 percent to P2.9 billion, driven by credit card, bancassurance, loan fees and deposit charges.
