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Security Bank Corp. said Wednesday it posted a net profit of P2.6 billion in the first quarter of 2024, reflecting the growth in its retail and MSME businesses.
Net interest income rose 44 percent to P10.7 billion, while non-interest income reached P1.8 billion. Service charges, fees and commissions surged 136 percent year-on-year to P3.1 billion, boosted by the Bancassurance milestone fee. The bank said that on a sequential quarter-on-quarter basis, net profit rose 71 percent, while total revenues increased 6 percent.
Pre-provision operating profit was P4.9 billion, up 34 percent year-on-year. The bank set aside P1.5 billion as provisions for credit losses, or 30 percent lower than the quarter-ago provisions of P2.2 billion.Return on shareholders’ equity increased to 7.71 percent from 7.42 percent a year ago. Return on assets also improved to 1.20 percent from 1.15 percent.
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