MANILA, Philippines–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 (PSE) on Thursday, Security Bank reported that net interest income from customer loans and deposits increased by 30 percent to P15.7 billion last year as the bank generated more low-cost deposits and expanded its loan book.
The bank expanded its loan book by 12 percent to P416 billion. Consumer loans grew by 47 percent, now accounting for about a fifth of total loans compared to 16 percent a year ago. Wholesale loans rose 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 up by 10 basis points quarter-on-quarter.
Service charges, fees and commissions increased by 26 percent to P2.9 billion, driven by credit card, bancassurance, loan fees and deposit charges.
