Loans, trading gains lift Security Bank profits
MANILA, Philippines - Net income of Security Bank Corp. rose 55% in the nine months to September to P6.2 billion, driven by growth in the bank's loan portfolio and trading gains.
In a statement, the bank said net interest income grew 9% to P6 billion, while non-interest income ballooned 137% to P5 billion due to trading gains and service charges, fees and commissions.
"Our year-to-date performance reflects our clients' generally positive sentiment on domestic economic activity as well as the Security Bank Group's agility in addressing the opportunities," the bank's President and Chief Executive Officer Alberto S. Villarosa said in the statement.
"Competition amongst banks in serving clients' needs remains robust," he added.
The bank opened 14 branches in January to September, part of its 50 new branches planned by June 2014.