Security Bank Corp. (SCB) announced last November 11 that it posted a 77-percent year-on-year (Y-o-Y) increase in net income to P8.6 billion in the first nine months of 2022.'
SECURITY Bank Corp. announced last November 11 that it posted a 77-percent year-on-year increase in net income to P8.6 billion in the first nine months of 2022, “driven by growth in core businesses, lower credit provisions and normalized income tax provisions.”
Total non-interest income increased 6 percent to P7.4 billion. Service charges, fees and commissions grew 22 percent to P3.9 billion, led by increase in fees from credit cards, deposits and capital markets. Other non-interest income excluding securities trading gains and fee income rose 32 percent to P3.6 billion, driven mainly by foreign exchange income and recovery on charged-off assets.
Pre-provision operating profit was P12.8 billion, up 9 percent Y-o-Y. The bank set aside P1.6 billion as provisions for credit losses in the first nine months of 2022, a 60 percent decrease versus year-ago level of P4.1 billion. Gross non-performing loan ratio decreased to 3.24 percent from 4.15 percent in previous year. NPL reserve cover increased to 94 percent from 91 percent in previous year.
Net loans increased 12 percent Y-o-Y to P484 billion, driven by both wholesale and retail loans which grew 12 percent each. On a sequential quarter-on-quarter basis, net loans decreased by 1 percent, with retail loans up 5 percent and wholesale loans down 3 percent. Retail loans are 24 percent of total loans, up from 23 percent a quarter ago.
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